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ASIC accepts court enforceable undertakings from financial advisory firm

On 10 November 2022, ASIC accepted a court-enforceable undertaking from financial advisory firm Lasarith Pty Ltd, trading as ‘Succession Matters’, and its sole director and responsible manager, Adam Smith. Under the terms of the undertaking, Lasarith will cease operating its financial services business under its Australian Financial Services Licence (AFSL) and commence the process to...

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Eight firms enter liquidation following FCA action

We have previously issued consumer warnings against the 8 firms. The Official Receiver is the liquidator of the 8 firms. The firms are: Cavendish Incorporated Ltd Cottesmore Associate Ltd Marvell Enterprises Ltd Grosvenor Associates Ltd Renaissance Advisory Ltd Falcon Financial Solutions Ltd Thestral Financial Services Ltd Semantic Business Services Ltd

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Husband and wife banned from providing financial services

Former financial adviser Richard Thomas Marshall has been banned from providing financial services for six years and his wife, Gwenda Jean Marshall, has been banned for three years. An ASIC delegate found Mr and Mrs Marshall carried on a financial services business without holding an AFS licence from July 2015 until May 2021. Mr Marshall...

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FCA seeks members for new Innovation Advisory Group

In July 2022, the Innovation department announced it was setting up a new advisory group to deepen Innovation’s engagement with the industry and inform the FCA’s forward-looking work program. The role of the Innovation Advisory Group is to: share the FinTech and RegTech sectors’ views on issues and opportunities for innovation in financial services and...

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Defined benefit pension redress calculations

We have recently received information about a small number of firms not including all fees and charges in their defined benefit pension advice redress calculations, in line with current guidance FG17/9. The information suggests these firms are not considering ongoing fund costs and/or fully allowing for ongoing adviser charges in redress calculations. Some of these...

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Senate Economics Legislation Committee Budget Estimates 2022-2023 – Opening statement – November 2022

Opening statement by ASIC Chair Joe Longo at the Senate Economics Legislation Committee Budget Estimates 2022-2023, 9 November 2022. Check against delivery I am pleased to appear before the Committee once more and welcome Senator Walsh as the new Committee Chair. I am joined today by Deputy Chairs Sarah Court and Karen Chester, Commissioners Sean...

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Moving from fear to trust

Speaker: Jessica Rusu, Chief Data, Information, and Intelligence Officer Event: City and Financial Global summit: Regulation and risk management of Artificial Intelligence in financial services Delivered: 9 November 2022 Note: this is a drafted speech and may differ from the delivered version Highlights AI needs governance to move from fear to trust but many of...

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22-304MR Court finds NAB engaged in unconscionable conduct over account fees

The Federal Court has found that National Australia Bank Ltd (NAB) engaged in unconscionable conduct by continuing to charge customers periodic payment fees even though NAB knew the overcharging was occurring. ASIC alleged that between February 2015 and February 2019, NAB was charging fees for some periodic payments even though customers were entitled to an...

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ASIC Annual Forum 2022: Putting the consumer at the centre of product design

This article follows a session on the design and distribution obligations (DDO) topic held at the ASIC Annual Forum (AAF), on 3-4 November 2022. The session was moderated by ASIC Executive Director of Strategy Group, Greg Kirk. Keynote: Professor Lauren E. Willis, Associate Dean for Research, Professor of Law, and William M. Rains Fellow, Loyola...

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FCA progresses market abuse claim against Globo Plc chiefs

The FCA alleges the former CEO, Mr. Konstantinos Papadimitrakopoulos, and former CFO, Mr. Dimitris Gryparis, made misleading statements that caused the company’s shares to be traded significantly above their true value before the company’s total collapse in November 2015. The FCA is seeking compensation for investors whom the FCA claim was adversely impacted by the...