Financial planning firm Poynter Hargraves Financial Consultants has been required to remove its sole responsible manager as the Australian Securities and Investments Commission (ASIC) has imposed additional conditions on its license.
ASIC commences civil penalty proceedings against Squirrel Superannuation Services
Squirrel is a financial technology company that holds an Australian financial services licence (AFSL). ASIC alleges that from around January 2015, Squirrel marketed and sold services helping customers establish and operate self-managed superannuation funds (SMSF) to purchase established residential property.
ASIC obtains orders against property developers targeting SMSFs
ASIC bans former Godfrey Pembroke adviser - Adrian Cassidy
AMP fined $5m for allowing financial advisers to rip off clients
A federal court judge has blasted troubled financial services group AMP for allowing its commission-hungry financial advisers to systematically rip off clients, ridiculing the company’s defence that there was just one “bad apple” and fining it $5.175m.
In a judgment handed down on Wednesday, Justice Michael Lee found AMP was “the right place” for greed and said it was arguable the penalty – which was more than Australian Securities and Investments Commission (Asic) asked for – was “an inadequate reflection of the seriousness of the conduct” exposed in the case, but the law limited the fine he could impose.
The Asic filed the lawsuit in June last year after the banking royal commission exposed AMP for allowing its planners to “churn” customers into new insurance policies when there was nothing wrong with the old one.
ASIC permanently bans dodgy accountant - Tram Tan, Orchard Accountants
ASIC slaps 7-year ban on financial adviser
Perth SMSF adviser, Wayne Blazejczyk, banned for best interests failure
ASIC bans ex-NAB, AMP financial planner David O'Brien
Australian watchdog slaps 5-year ban on former Linchpin director Paul Nielsen
Paul Nielsen was hit with the ban for his role in the operation of the managed investment schemes by Linchpin and Endeavour. ASIC found Nielsen's conduct in approving the investment of funds of the Investport Income Opportunity Fund in related entities constituted multiple contraventions of the Corporations Act.