ASIC has banned the directors of Bugwash Property Pty Ltd, Mr David Bugeja and Mr Brian Washbourne from providing any financial services and being involved in carrying on such a business for a period of six years. Mr Bugeja and Mr Washbourne, both Queensland-based directors, set up Bugwash Property in November 2015 to provide residential...
Author: EMA Investments
Home » Archives for EMA Investments » Page 266
Post
ASIC cancels registration of a further 29 SMSF auditors
ASIC has cancelled the registration of a further 29 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements. This is in addition to the cancellation of 374 SMSF auditors in January 2023 (23-012MR) and 10 SMSF auditors in May 2022 (22-121MR), as part of ASIC’s current compliance program. ASIC Commissioner Danielle...
Post
ASIC highlights focus areas for 30 June 2023 reporting
ASIC urges directors, preparers of financial reports and auditors to assess the impact of uncertain market and economic conditions on reporting for full and half-years ending 30 June 2023. ASIC Commissioner Danielle Press said, ‘Directors should ensure that investors are properly informed on the impact of changing and uncertain economic and market conditions, ‘net zero’...
Post
FCA fines ED&F Man Capital Markets Ltd £17.2m for serious failings which enabled millions in illegitimate tax reclaims
The FCA has fined ED&F Man Capital Markets Ltd (‘MCM’) £17,219,300 for serious failings in its oversight of cum-ex trading. These failings allowed MCM to collect fees for trading strategies designed to enable its clients to illegitimately reclaim tax from the Danish authorities. Between February 2012 and March 2015 MCM enabled significant volumes of dividend...
Post
We force a further three firms to reverse effects of misleading British Steel Pension Scheme offers
We have imposed requirements on a further 3 firms which were seeking to avoid their liabilities under the British Steel Pension Scheme (BSPS) redress scheme. The firms were associated with the British Steel Adviser Group and made unsolicited offers to its BSPS clients, which had not yet complained, as follows: Alpha Financial Services made offers...
Post
Gold Coast property developer charged with fraud
Mr Michael David Steele, of NSW, has appeared at Southport Magistrates Court charged with seven counts of fraud. Following an ASIC investigation, it is alleged that between May 2016 and February 2017, Mr Steele misled 14 investors into withdrawing funds from their employer superannuation funds and savings accounts to invest in a property development at...
Post
Director duties charge proved and dismissed against former Victorian director
A charge brought against former company director Mr Pardeep Sehgal of Craigieburn Victoria for breaching his director duties has been proven but dismissed. An ASIC investigation found that in April 2018, Mr Sehgal caused two payments totalling $55,099.33 that was owed to Sehgal Catering Services Pty Ltd (in Liquidation), a company he was the sole...
Post
ASIC acknowledges ASX’s release of the CHESS Special Report and Audit Report
Today, ASX released public versions of the Special Report and the Audit Report on the current CHESS clearing and settlement system. Following ASX’s announcement to pause the CHESS Replacement Program in November 2022, ASIC and the Reserve Bank of Australia (RBA) (the regulators) took action to ensure that all necessary steps are taken to support...
Post
Financial watchdog bans referral fees for debt packagers to help struggling consumers
The ban should save consumers struggling with debt thousands of pounds in unnecessary fees and ensure they receive better quality advice. It will put a stop to the business model which incentivises debt packagers to recommend certain options that make them more money rather than what is in the customer’s best interest. The debt packager...
Post
ePayments Code subscribers to comply with updated Code from today
The updated ePayments Code takes effect from today. This follows a 12-month transition period to allow subscribers time to get ready for, and ensure compliance with, changes providing clarity on a number of existing protections for consumers (see 22-215MR). Subscribers to the code include most banks and credit unions in Australia, as well as a...
Civil rights law practice area legal advice is the application of abstract principles of law to the concrete facts of the client’s case.