An ASIC review of performance communications by trustees that again failed the annual performance test for MySuper products in 2022 has highlighted that while improvements have been made, some trustees need to be more member-centric in their approach. This is an area of industry weakness and a common conclusion when ASIC reviews member communications. ASIC...
Author: EMA Investments
FCA to lead GFIN Greenwashing TechSprint
The FCA will be among 13 international regulators so far taking part in the Global Financial Innovation Network (GFIN)’s first ever Greenwashing TechSprint. We invite all UK-based firms, interested in participating, to apply from 17 April 2023. The GFIN is a group of over 80 international organisations committed to supporting financial innovation in the interest...
CVC Limited makes changes to TMD following ASIC stop order
ASIC made an interim stop order on 30 March 2023 preventing CVC Limited (CVC) from offering or distributing CVC Notes 2 because of deficiencies with the target market determination (TMD). The order was revoked on 4 April 2023 after CVC significantly narrowed the target market for CVC Notes 2 to address ASIC’s concerns. CVC is...
Three individuals convicted and sentenced to a combined 24 and a half years for ‘all-or-nothing’ investment fraud
Three people have been convicted for investment fraud and sentenced to a total of 24 and a half years for their roles, in a prosecution brought by the FCA. A fourth defendant was convicted for trading without FCA authorisation. On 3 April 2023, following an 8-week trial at Southwark Crown Court, Cameron Vickers (27 years...
FCA orders WealthTek Limited Liability Partnership to cease operations as High Court appoints Joint Special Administrators and arrest made
The FCA has taken various steps to protect consumers following serious regulatory and operational issues coming to light. On 6 April 2023, following an urgent application made by the FCA, the High Court has appointed Shane Crooks, Mark Shaw and Emma Sayers of BDO LLP as Joint Special Administrators of WealthTek Limited Liability Partnership (WealthTek)....
FCA and ASA team up with Sharon Gaffka to warn fin-fluencers of risks of promoting illegal ‘get rich quick’ schemes
The FCA and ASA have teamed up with Sharon Gaffka to help educate fin-fluencers about the risks involved in promoting financial products. In addition, the FCA and ASA will be engaging with influencers and their agents, providing them with clear information about what could be an illegal financial promotion. This includes an infographic, designed for...
ASIC cancels AFS licence of Starfish Financial Services Pty Ltd
ASIC has cancelled the Australian financial services (AFS) licence of Starfish Financial Services Pty Ltd (Starfish). The licence authorised Starfish to deal in interests in managed investment schemes to wholesale clients. ASIC cancelled the licence because Starfish failed to maintain the required organisational competence to provide the financial services covered by its AFS licence and...
Binance Australia Derivatives – AFS licence cancelled
ASIC has today cancelled the Australian financial services licence held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives (Binance). The licence cancellation was effected today in response to a request to cancel received from Binance yesterday. Following the cancellation: with effect from 14 April 2023, clients will not be able to increase derivatives...
Four individuals face fraud charges
The FCA has started criminal proceedings against 4 individuals for conspiracy to commit fraud and for conspiracy to carry out regulated activity without authorisation, against 2 of those individuals for money laundering, against 1 of those individuals for possession of false identity documents and perverting the course of justice offences. The FCA alleges that over...
FCA sets clear plan for next 12 months
In the second year of its 3-year strategy, the FCA plans to accelerate 4 areas of its work over the next 12 months through further investment and increased resources. In its Business Plan 2023/24, the FCA has set out an ambitious programme for the next 12 months to achieve better outcomes for consumers and markets,...
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