Author Archives: ETE

ASIC has permanently banned QLD-based financial adviser Shane Rose from providing any financial services, performing any function involved in the carrying on of a financial services business, and from controlling an entity that carries on a financial services business. Between February 2021 and January 2023, while an authorised representative and responsible manager of Octillion Partner […]

Data#3 Limited (Data3) has announced the restatement of its full year 2023 and half year 2022 financial reports following a review initiated as part of ASIC’s new financial reporting and audit surveillance program. ASIC raised concerns with Data3 regarding its revenue accounting policy in November 2023. Data3 subsequently changed its accounting policy to recognise revenue […]

David Sipina of Croydon NSW has pleaded guilty to two criminal charges relating to his role at the Courtenay House group of companies. Mr Sipina appeared before the Downing Centre Local Court on 19 March 2024 and pleaded guilty to: one count of carrying on (with others) a financial services business without a license pursuant […]

In its Business Plan for 2024-25, the FCA has set out an ambitious programme of work for the final year of its 3-year strategy to achieve better outcomes for consumers and markets. Nikhil Rathi, Chief Executive of the FCA, said: ‘We’ve already made significant progress in delivering against the bold vision we set out in […]

Former Continental Coal Company secretary Jane Rosemary Flegg was sentenced to 3 years, 6 months imprisonment with a non-parole period of 21 months following a hearing in the Supreme Court of Western Australia on the 15 March 2024. Ms Flegg was also sentenced to a further 8 months imprisonment for giving false information to the […]

ASIC has cancelled the Australian financial services licence of Endeavour Securities (Australia) Ltd (In Liquidation). The license authorised Endeavour to deal in interests in managed investment schemes and operate managed investment schemes for wholesale and retail clients. ASIC cancelled the license because Endeavour is insolvent, under administration and is being wound up.

Small businesses are critical to Australia’s economy, and they have an important part to play in Australia’s transition to a sustainable future, writes ASIC Deputy Chair Sarah Court. This article provides guidance on some current developments, and outlines what small businesses need to know. Mandatory climate reporting The government is proposing to introduce mandatory climate-related […]

Nailesh Teraiya has referred his Decision Notice to the Upper Tribunal. Any findings in the Decision Notice are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers his behaviour should be characterised. The Financial Conduct Authority (‘FCA’) has decided to fine Mr Teraiya, formerly the sole controller and chief […]

Together with Ofgem, Ofwat and Ofcom, we’ve set out our expectations for firms across markets, as many consumers feel the strain from cost of living pressures. We’ve joined forces with other regulators to call on firms to improve debt collection practices. This is especially important as many consumers continue to feel the strain from cost […]

The Full Federal Court has dismissed an appeal by Provide Nominees Pty Ltd, trading as Provide Capital. As part of an ongoing investigation, ASIC previously served a notice on Provide Capital to produce documents which Provide Capital failed to do. Provide must now comply with a notice ASIC issued to produce documents. Section 33 of […]