ASIC has commenced civil penalty proceedings in the Federal Court against Noumi Limited (formerly Freedom Foods Group Limited), its former managing director and CEO Rory Macleod, and its former CFO Campbell Nicholas for alleged continuous disclosure failures, breaches of company director and officer duties, and false or misleading conduct. ASIC Deputy Chair Sarah Court said,...
Author: EMA Investments
Update on Bank of England and Financial Conduct Authority Memorandum of Understanding on the supervision of market infrastructure and payment systems
Domestically, the Bank co-operates with both the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) about supervising market infrastructure and payment systems respectively. Published on 24 February 2023 The Bank co-operates closely with both the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) to supervise financial market infrastructure (FMI) and payment systems respectively...
Former Queensland CEO pleads guilty to dishonest conduct
Mr. Akhilesh Kamkolkar, of Surfers Paradise, Queensland, has pleaded guilty in the Downing Centre Local Court to two counts of engaging in dishonest conduct about financial products or services, contrary to s 1041G of the Corporations Act. A further two offenses of carrying on a financial services business without a license, contrary to s 911A...
ASIC sues RACQ over alleged pricing discount failures, urges industry to improve pricing practices
ASIC has commenced civil penalty proceedings in the Federal Court alleging RACQ Insurance Limited (RACQ) misled customers in its product disclosure statements about the pricing discounts available for certain types of insurance coverage. Between February 2017 and March 2022, ASIC alleges product disclosure statements for RACQ’s Motor, Home, Caravan & Trailer, and Unique Vehicle insurance...
ClearLoans penalised $6 million for financial hardship misconduct and other Credit Act breaches during COVID-19
The Federal Court has found Membo Finance Pty Ltd (Membo) and its sole credit representative, Richmond Group Financial Services Pty Ltd (RGFS), trading as ClearLoans, breached the National Consumer Credit Protection Act (the Credit Act) and has ordered the companies to pay over $6m in penalties. The Court found both Membo and RGFS (by its...
ASIC brings criminal charges against third individual in relation to Courtenay House
David Sipina, of Croydon, New South Wales, appeared in the Downing Centre Local Court on 21 February 2023, charged with criminal offenses relating to alleged misconduct at the Courtenay House group of companies. Mr. Sipina is the third individual to face criminal charges after former director Tony Iervasi and former contractor Athan Papoulias were both...
Further ASIC regulatory response on CHESS Replacement and ASX’s program capabilities
ASIC has taken further action to ensure that ASX adequately responds to the findings and recommendations of the ASX CHESS Replacement Application Delivery Review by Accenture (the External Review) and that all necessary steps are undertaken by ASX to uplift identified gaps and deficiencies in relation to the ASX Group’s portfolio, program and project management...
National Advice Solutions convicted of hawking in relation to superannuation roll over calls
On 20 February 2023, National Advice Solutions Pty Ltd appeared at the Southport Magistrates Court in Queensland and pleaded guilty to one charge of breaching anti-hawking laws. The Court imposed a penalty of $70,000. Between August 2019 and June 2020, National Advice Solutions made unsolicited calls to consumers encouraging them to roll over their superannuation...
FCA seeks views on updating asset management regulation
The Financial Conduct Authority (FCA) is seeking views on what regulatory change might help the UK’s asset management industry innovate, better support the investors it serves and boost competition. The UK is a leading center for asset management, with over £11 trillion of assets managed by UK firms. The Future Regulatory Framework provides an opportunity...
Update on potential enforcement action against Link Fund Solutions
Following an announcement made on 20 February by Link Group to the Australian Securities Exchange, the Financial Conduct Authority (FCA) is providing a short update on its proposed enforcement action against Link Fund Solutions Ltd (LFS). We are in advanced confidential discussions with Link Group and LFS to determine whether the FCA’s proposed enforcement action...
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