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Alliance Insurance Broking Services director charged with breach of duties and dishonest conduct involving client monies

Renato De Maria, the sole director of Alliance Management Group Pty Ltd, formerly Alliance Insurance Broking Services Pty Ltd (AIBS), has appeared in the Mansfield Magistrates Court charged with criminal offences relating to the misuse of approximately $35 million of client monies. ASIC alleges that between July 2016 and April 2021, Mr De Maria used...

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FCA appoints executive directors to co-lead Enforcement and Market Oversight

The Financial Conduct Authority (FCA) has appointed Therese Chambers and Steve Smart as joint Executive Directors of Enforcement and Market Oversight. The expansion of the FCA’s enforcement and market oversight leadership team, following Mark Steward’s departure, reflects the vital role that enforcement work plays in delivering its 3 year strategy and its commitments to reducing...

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ASIC cancels AFS licence of Capital Capital Pty Ltd

ASIC has canceled the Australian financial services (AFS) license of Capital Capital Pty Ltd (Capital Capital). The license authorized Capital Capital to deal in interests in managed investment schemes to wholesale clients. ASIC canceled the license on the basis that Capital Capital had failed to meet its financial reporting obligations. Capital Capital may apply to...

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Blackmore Bond PLC: correspondence regarding the acquisition of CGS Claims funding

We are aware of at least one Blackmore investor receiving a letter falsely claiming to be from Oak Fund Services (Guernsey) Limited (‘Oak’), stating that they have been successful in generating CGS Claims funding and asking consumers to contact them urgently. The letter asks consumers to call the following telephone number: 0162 150 2781 and...

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FCA confirms help for mortgage borrowers struggling with payments

The FCA has confirmed final mortgage guidance, setting out the ways mortgage lenders can help customers worried about or already struggling with their mortgage payments because of the rising cost of living. The FCA has also published new data and analysis on the mortgage market. This shows that, in addition to the households already behind...

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FCA authorises first Long Term Asset Fund

The Financial Conduct Authority (FCA) has authorized the first Long Term Asset Fund (LTAF). The LTAF is a new category of an open-ended authorized fund designed to invest efficiently in long-term assets. The FCA enabled the innovation by creating a new regulatory regime which came into force in 2021. Sarah Pritchard, Executive Director of Supervision, Policy...

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FCA takes further action against unregistered crypto ATMs in East London

The FCA has used its powers to inspect several sites in East London suspected of hosting illegally operating crypto ATMs, as it continues its crackdown on the illicit sector. In a joint operation with the Metropolitan Police, the FCA inspected several sites, using its enforcement powers. Mark Steward, Executive Director of Enforcement and Market Oversight...

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Emeco writes down value of a trade receivable and improves business risk disclosure

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....

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ASIC permanently bans former insurance broker

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...