Author Archives: ETE

ASIC has cancelled the Australian financial services (AFS) licence of NextGen Financial Group Pty Ltd (NextGen Financial Group) effective from 23 February 2024. The AFS licence was cancelled after the Federal Court of Australia ordered that NextGen Financial Group be wound up in insolvency on 17 November 2023. Under the Corporations Act, ASIC may suspend […]

Introduction In the US, a card game called Fair Play has created a storm in family homes and threatened to create new business for divorce lawyers. Couples are asked to sift through a deck of one hundred cards describing household chores from cooking midweek meals to writing thank you notes.  Each person who claims ownership […]

The Financial Conduct Authority (FCA) has today committed to carrying out enforcement cases more quickly as the organisation seeks to increase the deterrent impact of its enforcement actions. In the future the FCA will focus on a streamlined portfolio of cases, aligned to its strategic priorities where it can deliver the greatest impact. The FCA […]

Highlights: Global cooperation amongst regulators is vital for cross-border risks. The FCA’s three primary statutory objectives are fully aligned with an open markets philosophy. The FCA is committed to finding consistent international responses to challenges that increasingly give rise to cross-border risks, including ESG, Fintech and NBFI. The 2023 UK-EU MOU on regulatory cooperation on […]

ASIC has accepted a court-enforceable undertaking from former financial adviser, Shivdeep Jaidka, from Melbourne, Victoria. ASIC conducted a review of the financial services provided by Mr Jaidka. Based on this review, ASIC formed the view that Mr Jaidka had failed to comply with s961B and s961G of the Corporations Act in relation to Self Managed […]

An ASIC review has called out the risk to retirement outcomes for Australians, of holding their superannuation in persistently underperforming options, and called on super trustees, financial advisers, and financial advice licensees to more consistently focus on the performance of Choice super investment options. As of September 2023, Choice products accounted for over $1.1 trillion […]

Highlights Firms have made solid progress in many areas of the Consumer Duty and the clock is now ticking for closed products and services to comply. We are ready to work with industry on meeting the closed product deadline and urge firms to prioritise areas where there is the greatest risk of consumer harm. Today […]

ASIC has cancelled the Australian financial services (AFS) licence of Valorton Capital Pty Ltd (Valorton). The licence was cancelled because Valorton had not provided any financial services since the licence was granted on 27 October 2022. The cancellation took effect on 14 February 2024. Valorton may apply to the Administrative Appeals Tribunal for a review […]

Between January 2016 and November 2021, Mr Flintham, based in Blackburn, Lancashire, defrauded around 240 investors by making false representations to persuade them to invest approximately £19m in an investment scheme operated by him. Mr Flintham made a number of fraudulent claims to investors, including about how the scheme was operated, and the profits they […]

Following a sentencing hearing at Southwark Crown Court, Mohammed Zina, 35, was today sentenced to 22 months in prison for insider dealing and fraud. On 15 February 2024, Mohammed Zina was found guilty of six offences of insider dealing and three offences of fraud following a 12-week trial at Southwark Crown Court brought by the […]