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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...

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ASIC consults on ‘sunsetting’ class orders about financial requirements

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...

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ASIC sues former Freedom Foods Group and its former CEO and CFO alleging disclosure failures and breaches of director and officer duties

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,...

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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...

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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...

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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...

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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...

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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...

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ASIC cancels AFS licence of Strathnaver Capital Pty Ltd

ASIC has canceled the Australian financial services (AFS) license of Strathnaver Capital Pty Ltd (AFSL 520366). The license was canceled on the basis that Strathnaver Capital Pty Ltd has ceased to carry on a financial services business. ASIC may cancel an AFS license held by a body corporate without a hearing if the body ceases...