Author Archives: ETE

ASIC is launching a new streamlined Professional Registers Search (PRS). Releasing in late June 2024, the PRS allows users to review and search all of the professional registers databases with just one search. The new PRS provides a more intuitive experience for users, making it easier to access information and make sure the person or […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a combined report on its 2023 Common Supervisory Action (CSA) and the accompanying Mystery Shopping Exercise (MSE) on marketing disclosure rules under MiFID II. ESMA, together with the National Competent Authorities (NCAs), finds that globally, marketing communications (including advertisements) […]

Daniel Farook Ali, former director of DanFX Trade Pty Ltd, has been sentenced in the Brisbane District Court to seven years and three months imprisonment for fraud, following an ASIC investigation. On 23 May 2024, Mr Ali pleaded guilty to five counts of fraud totalling $771,303 relating to his misappropriation of funds invested for trading […]

The Financial Conduct Authority (FCA) has confirmed that several firms have been permitted to recommence their sales of Guaranteed Asset Protection (GAP) insurance, following action by the regulator to improve fair value. To restart sales, firms need to demonstrate that their GAP products provide fair value to customers, in line with FCA rules. Firms that […]

The FCA has decided to ban Stephen Joseph Burdett and James Paul Goodchild from working in regulated financial services for recklessly exposing pension holders to unsuitable investments. It has also fined them £311,762 and £47,600 respectively. Mr Burdett and Mr Goodchild previously held senior roles at Synergy Wealth Limited (Synergy) and Westbury Private Clients LLP […]

The Federal Court has found Cigno Australia Pty Ltd (Cigno Australia) and BSF Solutions Pty Ltd (BSF Solutions) engaged in credit activity without an Australian Credit licence and charged consumers prohibited fees. The Court also found that Cigno Australia director Mark Swanepoel and BSF Solutions director Brenton Harrison were involved in the unlicensed activity and […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is launching today a public consultation on proposed changes to the rules for position management controls and position reporting. The changes come in the context of the review of the Market in Financial Instruments Directive (MiFID II) and aim to minimise […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is inviting comments on draft technical standards related to Consolidated Tape Providers (CTPs), other data reporting service providers (DRSPs) and the assessment criteria for the CTP selection procedure under the Markets in Financial Instruments Regulation (MiFIR). In the consultation ESMA is […]

Failures in the firm’s systems and controls led to US$1.4bn of equities being sold in European markets when they should not have been. On 2 May 2022, a CGML trader had intended to sell a basket of equities to the value of US$58m. The trader made an inputting error while entering the basket in an […]

Between June 2017 and October 2018, HSBC failed to properly consider people’s circumstances when they had missed payments. This meant it did not always do the right affordability assessments when entering arrangements with people to reduce or clear their arrears. Sometimes it took disproportionate action when people fell behind with payments, which risked people getting […]