Category: News

Following inquiries by ASIC, Emeco Holdings Limited (Emeco) has recorded a specific expected credit allowance of $22.9 million in its half-year financial report for the period ending 31 December 2022. Emeco recognized a $22.9 million expense to a specific expected credit loss allowance in its Interim Financial Report for the half-year ended 31 December 2022....

IDP Education Limited (IDP) has adjusted its disclosure of a contingent liability in its financial report for the half-year ended 31 December 2022, following ASIC’s review of its financial report for the year ended 30 June 2022. IDP’s estimate of the contingent liability, which relates to Goods and Services Tax (GST) matters in dispute with...

ASIC has permanently banned former insurance broker Justin Edward Hampshire, of Sydney, New South Wales, from providing any financial services and being involved in carrying on such a business. ASIC found that between November 2015 and April 2019, Mr. Hampshire engaged in dishonest conduct about a financial product or service whilst acting in his capacity...

ASIC is seeking feedback on proposals to remake ‘sunsetting’ class orders that impose financial resource requirements on the managed funds industry. Consultation Paper 367 Remaking ASIC class orders on financial requirements: [CO 13/760], [CO 13/761] and ASIC Instrument 2022/449 (CP 367) sets out ASIC’s proposals on: Class Order [CO 13/760] Financial requirements for responsible entities...

ASIC has permanently banned Sean Colville Niven, of Perth, Western Australia, from providing financial services and engaging in credit activities. On 6 April 2020, Mr. Niven was convicted in the Perth Magistrates Court for two offenses contrary to the Bankruptcy Act. Namely, making a declaration that he knew to be false, and disposing of property...