The FCA has banned Mark Abley of County Capital Wealth Management Ltd (in liquidation) (CCWM) from providing any advice on pension transfers. Mr Abley will also pay £106,100 to the Financial Services Compensation Scheme (FSCS) rather than the FCA, to contribute towards the redress owed to CCWM’s customers. If he fails to pay this amount...
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Former financial adviser permanently banned from credit and financial services industries
ASIC has permanently banned former Perth financial adviser John Talbot Wertheimer from engaging in any credit activities and from providing any financial services. The permanent banning follows Mr Wertheimer’s conviction on 31 January 2023 for engaging in dishonest conduct and providing financial services without appropriate authorisation (23-015MR). Mr Wertheimer was sentenced to a total of...
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ASIC calls on super trustees to appropriately deal with member money when it is first received
ASIC is calling on superannuation trustees to ensure they are meeting their legal obligations for dealing with incoming money from consumers if a new or increased interest in a super product cannot be issued by the next business day. The call follows ASIC’s review of a sample of twelve superannuation trustees to understand how they...
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Accountant charged with falsifying signatures on audit documents
Stephen Robert Allen, the sole director of K.H.N Holdings Pty Ltd trading as Alkemade & Associates, has been charged on indictment in the County Court of Victoria in Melbourne with criminal offences for falsifying the signatures of registered company auditors on multiple documents. Mr Allen has been charged with contravening s83A(1) of the Crimes Act...
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ESMA publishes Guidelines on templates for summary resolution plans and for written arrangements for resolution colleges
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published two Final Reports including guidelines on the central counterparties (CCPs) Resolution Regime under the CCP Recovery and Resolution Regulation (CCPRRR). This publication follows that of the Commission Delegated Regulations 2023/1193 on the content of resolution plans[1] and 2023/1192...
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Consumer warning on Blockchain Access UK Ltd
We are aware fraudsters are using the details of the authorised EMD Agent Blockchain Access UK Ltd (Reference number: 902765) attempting to deceive consumers into believing that they are dealing with the authorised EMD Agent. Consumers are being targeted by fraudsters using recovery room frauds. This is where fraudsters approach investors who have been scammed...
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Senate Economics References Committee – Inquiry into ASIC investigation and enforcement
Opening statement by ASIC Chair Joe Longo, 23 June 2023. Check against delivery I am pleased to have the opportunity to appear before the Committee today. Before I begin my substantive remarks however, I want to say this. Clearly there are a number of positions which the Chair has taken in Parliament, and that this...
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General insurers to repay consumers $815 million for broken pricing promises
ASIC is calling on all general insurers to remove unnecessary pricing complexity and fix their systems, practices and controls so they can deliver on the pricing promises they make to their customers. ASIC today released Report 765 When the price is not right: Making good on insurance pricing promises. The report reveals that ongoing pricing...
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ASIC accepts court enforceable undertaking from Brisbane financial adviser
ASIC has accepted a court-enforceable undertaking from former Acquire Strategic Advisers Pty Ltd director and financial adviser, Gregory Blackaby, from Brisbane, Queensland. ASIC’s investigation revealed that Mr Blackaby failed to keep adequate and up-to-date records to show he had provided clients with services they were entitled to under ongoing service arrangements. Under the terms of...
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Morrison Securities Pty Ltd ACN 001 430 342 pays $333,000 infringement notice
Morrison Securities Pty Ltd ACN 001 430 342 (Morrison) has paid a penalty of $333,000 to comply with an infringement notice given by the Markets Disciplinary Panel (MDP). The MDP had reasonable grounds to consider that Morrison contravened Rule 5.9.1 of the ASIC Market Integrity Rules (Securities Markets) 2017 (Rules) on six occasions on 27...
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