Insurance Brokers

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 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

ASIC permanently bans former Melbourne insurance broker Mr Anthony Doring, from providing financial services

Financial adviser

ASIC has permanently banned Mr Anthony Doring of Melbourne, Victoria, from providing financial services. Between 2009 and October 2015, Mr Doring was a manager of Phil Doring Insurance Brokers (PDIB), which provided insurance services and which had offices in Mackay and Melbourne.

ASIC has permanently banned Mr Anthony Doring of Melbourne, Victoria, from providing financial services. Between 2009 and October 2015, Mr Doring was a manager of Phil Doring Insurance Brokers (PDIB), which provided insurance services and which had offices in Mackay and Melbourne.

Following a hearing, ASIC found that Mr Doring had:

  • failed to ensure that PDIB operated pursuant to an Australian financial services (AFS) licence when providing financial services;
  • deliberately engaged in dishonest conduct by misappropriating money from the PDIB trust account, and using this to enable PDIB to continue trading;
  • cancelled client insurance policies without authorisation; and
  • failed to comply with the requirement that a person who is licenced with an AFS license lodge an annual auditor's report and financial statements with ASIC. 

In addition, Mr Doring was made bankrupt on 19 July 2016.

ASIC Deputy Chairman Peter Kell said, 'The investing public needs to be able to trust those who provide financial services.'

'ASIC will act to remove those who behave without regard to their obligations to their clients from the financial services industry.'

Mr Doring's banning will be recorded on ASIC's register of financial advisers.

Mr Doring has a right of appeal to the Administrative Appeals Tribunal.

Background

Mr Doring failed to obtain an AFS licence for the PDIB business following the death of his father, Phillip Doring, in April 2013. Phillip Doring had held an AFS licence in his personal capacity.

In October 2015, Steadfast Group Limited, a dealer group of which PDIB was a member, reported its concerns to ASIC regarding the conduct of Mr Doring and the existence of an apparent shortfall in the PDIB trust account of between $700,000 and $1.1 million.

PDIB was placed into liquidation on 18 April 2016 with Peter Gountzos of SV Partners appointed as liquidator.