Author Archives: ETE

Morningstar has paid $29,820 to comply with two infringement notices issued by ASIC in which ASIC alleged its investor funds were exposed to controversial weapons investments, despite Morningstar’s Environmental, Social and Corporate Governance (ESG) Policy stating that such investments would be excluded. The Product Disclosure Statement for the Morningstar International Shares (Unhedged) Fund stated that […]

The Administrative Appeals Tribunal (AAT) has upheld ASIC’s decision to disqualify Ms Janette Townshend from being an approved self-managed superannuation fund (SMSF) auditor for breaching independence requirements. 　 “Suspending or disqualifying Ms Townshend would send a clear message to the rest of the audit profession that independence is crucially important. The need for general deterrence […]

RACQ Insurance Limited (RACQ), has been ordered to pay a $10 million penalty by the Federal Court for potentially misleading customers in its product disclosure statements (PDS) about the pricing discounts available for certain types of insurance cover. The Court found that RACQ sent out the misleading PDSs on at least 5 million occasions between […]

Sole director of Equitable Financial Solutions Pty Ltd, Usman Siddiqui, of Brighton-Le-Sands, NSW has appeared in the Downing Centre Local Court charged with breaches of director duties. Mr Siddiqui has been charged with four counts of dishonestly using his position as a director of Equitable Financial Solutions to gain an advantage by allegedly causing $1.75 […]

ASIC has cancelled the Australian financial services (AFS) licence of Remi Investment Services Pty Ltd (RIS). The licence was cancelled because RIS is no longer carrying on a financial services business. The cancellation took effect on 27 November 2023. Under the Corporations Act, ASIC may cancel an AFS licence held by a body corporate if […]

Fong Financial Planners Pty Ltd has been convicted and sentenced in the District Court of Western Australia for three counts of dishonest conduct while carrying on a financial services business. Fong Financial Planners was sentenced to a fine of $100,000. Between 24 September 2014 and 18 December 2014, Fong Financial Planners, an authorised representative of […]

The Federal Court has ordered superannuation trustee OnePath Custodians Pty Ltd (OnePath) to pay a $5 million penalty for making false or misleading representations about its right to continue charging fees, and for failing to provide services to members efficiently, honestly and fairly due to its misleading conduct and by deducting fees when not entitled […]

ASIC has released Information Sheets 276 and 277 to provide guidance to financial advisers and AFS licensees about the new requirement for financial advisers to be registered, following the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 receiving Royal Assent on 27 November 2023. From 1 February 2024, financial advisers, excluding provisional relevant providers, […]

Ms Yat Nam (April) Yuen, of Sydney, New South Wales, has been charged with aiding and abetting former stockbroking firm BBY Limited (BBY) to engage in dishonest conduct in relation to a financial service. Ms Yuen, who held various roles at BBY including Manager – Strategy, is charged with two offences contrary to sections 1041G(1) […]

Geoffrey Anthony Shannon, of Port Macquarie, NSW, has been found not guilty of managing a corporation while disqualified. The Southport Magistrates Court delivered its decision on 22 November 2023. In his decision, Magistrate Bamberry found that he could not be satisfied to the requisite standard that Mr Shannon acted in a way which breached s206A(1) […]