Author Archives: ETE

Introduction Most of us can remember our first taste of freedom, be it the wind blowing through our hair as we hurtled downhill without training wheels for the first time, or our foray onto a train to see a friend across town, with no accompanying adult in sight, or partaking in the conviviality that is […]

IFM poorly advised people to transfer out of defined benefit (DB) pension schemes, including the British Steel Pension Scheme (BSPS). Arthur Cobill, an adviser at IFM, and William Hofstetter, one of its directors, have been banned by the FCA from advising customers on pension transfers and pension opt outs. Mr Hofstetter has also been banned […]

The Financial Conduct Authority (FCA) will not object to requests from Recognised Investment Exchanges (RIEs) to create a UK listed market segment for cryptoasset-backed Exchange Traded Notes (cETNs). These products would be available for professional investors, such as investment firms and credit institutions authorised or regulated to operate in financial markets only. Exchanges will need […]

The FCA previously commenced High Court proceedings pursuant to sections 383 and 382 of the Financial Services and Markets Act 2000 against the former CEO, Mr Konstantinos Papadimitrakopoulos, and former CFO, Mr Dimitris Gryparis of Globo plc for alleged market abuse. The FCA decided to discontinue the proceedings on 6 March 2024, which concludes all […]

As the Treasury Select Committee’s report sets out, there has been welcome progress on representation within financial services but this has not been fast enough, and there are pockets where no progress is discernible and significant cultural issues remain. In this context, we share the Committee’s view that there is an important role for regulators […]

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have released final rules and further guidance to support the financial services industry in implementing the Financial Accountability Regime (FAR). The FAR, which replaces the Banking Executive Accountability Regime (BEAR), imposes a stronger responsibility and accountability framework for APRA-regulated entities in […]

Ronald Lester Cardwell of Cherrybrook, New South Wales, has been convicted and sentenced to a term of 24 months imprisonment, to be served by way of intensive correction order (ICO) for dishonestly using his position as a liquidator to withdraw company funds, following an ASIC investigation (22-280 MR). Mr Cardwell pleaded guilty to one count […]

Joseph Gutnick of St Kilda East, Victoria, has been disqualified by ASIC from managing corporations for a period of four years following his involvement in three failed companies between June 2016 and March 2020. Mr Gutnick was a director of: Axis Consultants Pty Ltd (Deregistered) A.C.N. 006 804 708 (Axis), Merlin Diamonds Limited (In Liquidation) […]

ASIC is seeking feedback from stakeholders including insolvency professionals, their professional bodies and users of the services of registered liquidators on its proposed changes to Regulatory Guide 258 Registered Liquidators: Registration, disciplinary action and insurance requirements (RG 258), issued on 1 March 2017. The updates will help applicants for all types of liquidator registration to […]

ASX Limited has paid a penalty of $1,050,000 following an ASIC investigation into its compliance with the Market Integrity Rules. This is the first time ASIC has issued an infringement notice to a market operator. ASIC issued the notice because ASIC has reasonable grounds to believe that ASX breached the rule requiring pre-trade transparency on […]