ASIC’s records show that as at 9am on 18 January 2024, 4,036 (26%) financial advisers who provide personal advice to retail clients on relevant products (relevant providers) are still not registered with ASIC. Given that the period for registration has coincided with the summer holiday period, ASIC is providing AFS licensees an additional two weeks […]
Author Archives: ETE
Liquidator disciplinary committee imposes conditions on registration of Steven Naidenov
On 21 December 2023, a liquidator disciplinary committee (the Committee) decided that conditions should be imposed on Steven Naidenov, a registered liquidator. In summary, the conditions require that Mr Naidenov arrange for a peer review of six external administrations, at his own cost, over the next two years for which he is an appointed external […]
ASIC disqualifies two more Canberra property developers
ASIC has disqualified Jamie Charles Farrelly of Kingston, ACT, and Gary James Kelly of Wright, ACT, from managing corporations for two years each due to their involvement in the failure of four companies between January 2019 and August 2021. Mr Farrelly and Mr Kelly were directors of: Be Athletic Canberra Pty Ltd (ACN 619 049 […]
Federal Court hands down $390,000 in directors’ duties penalties
The Federal Court has ordered four current and former directors of Endeavour Securities (Australia) Ltd (in liquidation) and Linchpin Capital Group Ltd (in liquidation) to pay $390,000 in penalties. The Federal Court had previously found Endeavour directors Ian Williams, Paul Raftery, Paul Nielsen and Peter Daly (who was found to have acted as an officer […]
ASIC extends product intervention orders for short term credit and continuing credit contracts
ASIC has extended its product intervention orders made in relation to short term credit and continuing credit contracts so that the orders remain in force until they are revoked or they sunset on 1 October 2032. The target market of these short term credit and continuing credit contracts included vulnerable retail clients who were in […]
What to do if you are affected by floods in Queensland
ASIC has outlined practical steps to take for communities affected by flooding in Far North Queensland following ex-Tropical Cyclone Jasper. On 18 December 2023, the Insurance Council of Australia declared a significant event for regions of Far North Queensland impacted by severe weather and flooding over the past week. ASIC Commissioner Alan Kirkland said there […]
ASIC suspends Prospero Markets’ AFS licence and accepts undertaking
ASIC has suspended the Australian financial services (AFS) licence of over-the-counter (OTC) derivatives issuer, Prospero Markets Pty Ltd (Prospero). Prospero has also provided an undertaking to ASIC that it will not deal in client funds without ASIC’s agreement. Prospero’s licence suspension means it cannot provide financial services during the suspension period from 20 December 2023 […]
Court finds Zurich did not breach duty of utmost good faith
The Federal Court has found that Zurich Australia Limited (Zurich) did not breach its duty of utmost good faith when OnePath Life Limited (OnePath), the previous owner of Zurich’s life insurance business, avoided an income protection policy because the insured failed to disclose a prior history of hospitalisation for serious mental health issues. ASIC Deputy […]
ASIC temporarily extends relief from disclosure and reporting consistency obligations for super trustees
A new relief instrument ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941 (the Instrument) continues the relief previously provided under ASIC Class Order [CO 14/541] which is due to expire on 1 January 2024. The Instrument provides an exemption to RSE licensees from complying with subsection 29QC(1) of the Superannuation Industry (Supervision) Act 1993 […]
Former Queensland director banned by ASIC for seven and a half years
ASIC has banned Mark Andrew Cooper of Seven Hills, Queensland from providing any financial services for a period of seven and a half years. Mr Cooper is also banned from controlling an entity that carries a financial services business and performing any function involved in the carrying on of a financial services business for seven […]