Insurance

ASIC permanently bans former Perth insurance broker

ASIC permanently bans former Perth insurance broker

ASIC has permanently banned Perth insurance broker, Mr Antonino Gucciardi, from the financial services industry for misleading, deceptive and dishonest conduct.

ASIC acts against Melbourne-based financial services and credit business

ASIC acts against Melbourne-based financial services and credit business

The Federal Court of Australia has made interim orders restraining Financial Circle Pty Ltd (Financial Circle) from engaging in a number of activities including carrying on a financial services business, providing financial advice or entering into credit contracts.

ASIC bans Victorian financial adviser for three years

ASIC bans Victorian financial adviser for three years

The Australian Securities and Investments Commission (ASIC) has banned financial adviser Julie Hamilton from providing financial services for three years for failing to act in her clients' best interests.

Enforceable undertaking excludes Queensland financial adviser for five years

Enforceable undertaking excludes Queensland financial adviser for five years

ASIC has accepted an enforceable undertaking (EU) from former Hart Ensole Pty Ltd representative, Dean Hartmann, after it was found that he failed to meet his financial advice obligations when dealing with his clients.

Financial advice firm to pay $1 million penalty for breach of best interests duty

Financial advice firm to pay $1 million penalty for breach of best interests duty

The Federal Court has imposed a civil penalty of $1 million against Melbourne-based financial advice firm NSG Services Pty Ltd (currently named Golden Financial Group Pty Ltd) (NSG) for breaches of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms.

ASIC Permanently Bans Perth Financial Adviser - Mr Robert Hutchison

ASIC Permanently Bans Perth Financial Adviser - Mr Robert Hutchison

ASIC has permanently banned Mr Robert Hutchison, of Lower Chittering in Western Australia, from providing financial services.

ASIC Warns Consumers About Investment Scams

ASIC Warns Consumers About Investment Scams

ASIC Deputy Chairman Peter Kell said, 'The Targeting Scams report published today by the Australian Competition and Consumer Commission (ACCC) shows reports to Scamwatch on investment scams increased in 2016. ASIC is alerting the public to ways to stay informed and protect themselves from scams.

The Developer Whose Builders Keep Going Broke

BUILDING companies that work for a developer financed by self-managed superannuation funds have an unhealthy habit of going broke leaving subcontractors unpaid.

ASIC Bans Two Melbourne Men for Breaches of Best Interests Duty

ASIC has banned Mr Adrian Chenh and Mr Bill El-Helou from providing financial services for a period of five years each following an ASIC investigation.

ASIC’s investigation found that Mr Chenh and Mr El-Helou provided advice to clients that was in breach of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms.

ASIC starts investigating hundreds of SMSFs

Self Managed Super Funds

The corporate regulator has launched a major investigation into hundreds of funds in a bid to uncover unlicensed SMSF advice.

As reported by ifa sister publication SMSF Adviser earlier this year, ASIC is currently conducting a major shadow shopping exercise, and has now started contacting various SMSF professionals to collate data on the set-up process of hundreds of funds, as part of a massive research project set for release later this year.

 

In emails seen by SMSF Adviser, it is clear ASIC has selected several hundred funds that were set up in September 2016 for random investigation, and is contacting tax agents associated with the funds.

ASIC is asking if the clients of the tax agents received any professional advice about establishing their SMSF and, if so, that the contact details are passed on.

While ASIC is gathering details about both financial advisers and accountants as part of this project, it is understood that broadly, unlicensed accountants in particular are on the regulatory radar.

The information supplied to ASIC is treated as anonymous, but the general findings will be published in a report slated for the second half of this year, an ASIC spokesperson told SMSF Adviser.

ASIC could not outline any further details of the investigation, except to confirm that it is pursuing its “major” shadow shop as announced in February, and will be looking at random samples of SMSF advice.

Despite being relatively lax in the past to instances of accountants operating outside of the accountants’ exemption in particular, BDO’s national leader for superannuation Shirley Schaefer suggested ASIC will be taking no prisoners this time around.

“I suspect a lot of accountants have sat outside the accountants’ exemption for years, and ASIC never did anything about it in the past,” Ms Schaefer told SMSF Adviser.

She acknowledged that many accountants do not agree that the SMSF services they are providing fall into the financial advice category, an argument that is largely irrelevant in 2017.

“This is not just tax advice. I certainly believe [SMSFs are] a structure not a product, but that argument is gone. There’s no point having that one again. We’ve been there and it’s gone,” Ms Schaefer said.

 

Article from: Independent Financial Advisor 

KATARINA TAURIAN- Wednesday, 29 March 2017