Royal Commission
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Hon. Bernie Ripoll on the Royal Commission

Consumer Advocate Bernie Ripoll on the Banking Royal Commission.

Hon. Bernie Ripoll on the Royal Commission
Media Release, Bad Financial Advice
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MEDIA RELEASE: Royal commission not the answer ...

The Turnbull government’s Royal Commission is putting the financial services industry under the spotlight, with many people wondering what to do if they have been a victim of bad financial advice. 

MEDIA RELEASE: Royal commission not the answer to recovering lost investments
Media Release, Financial Planning
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MEDIA RELEASE: What To Expect From Your ...

With the Royal Commission into the banking sector confirmed, it’s refreshing to know some financial industry professionals still put their clients’ interests first.

MEDIA RELEASE: What To Expect From Your Financial Planner

dodgy financial planner

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ASIC bans former Sydney adviser Jim Pavlidis for three years

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ASIC bans former Sydney adviser Jim Pavlidis for three years

Sydney-based financial adviser Jim Pavlidis failed to provide financial advice that was in the best interests of his clients and to keep proper records. Mr Pavlidis failed to consider the relevant circumstances of each client and left client objectives unaddressed.

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ASIC obtains orders against property developers targeting SMSFs

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ASIC obtains orders against property developers targeting SMSFs

The Federal Court has handed down interim orders against a Perth based property developer following concerns by ASIC that the promoters may be involved in an unregistered managed investment scheme.

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Mortgage Broker Astna Shirtika Sahay, of Mascot NSW, Banned from engaging in any credit activities for five years.

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Mortgage Broker Astna Shirtika Sahay, of Mascot NSW, Banned from engaging in any credit activities for five years.

ASIC has banned mortgage broker Astna Shirtika Sahay, of Mascot NSW, from engaging in any credit activities for five years.

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AMP fined $5m for allowing financial advisers to rip off clients

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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.

Read the full article here.

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ASIC permanently bans dodgy accountant - Tram Tan, Orchard Accountants

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ASIC permanently bans dodgy accountant - Tram Tan, Orchard Accountants

Ms Tran, the sole director and shareholder of Orchard Accountants Pty Ltd, was banned following an ASIC investigation that found funds were withdrawn from Ms Tran’s clients’ SMSF accounts without their authority and deposited into the trust account of Orchard Accountants.

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Australian watchdog slaps 5-year ban on former Linchpin director Paul Nielsen

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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.

Read the full original article here.

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Banking royal commission leads to first conviction — Dover Financial boss Terry McMaster

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Banking royal commission leads to first conviction — Dover Financial boss Terry McMaster

Failed firm Dover Financial Planning, and its sole director Terry McMaster, were convicted in the Federal Court of false and misleading conduct.

ASIC alleged Dover imposed a misleadingly titled "client protection policy" on its clients, which in fact offered greater protection to the firm itself.

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ASIC hands down 6-year ban over dodgy SMSF advice to Jihad Soleiman

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ASIC hands down 6-year ban over dodgy SMSF advice to Jihad Soleiman

Mr Soleiman, an authorised representative of Apogee Financial Planning Limited (Apogee) during the period June 2013 to February 2018, had been approached by clients about SMSFs for the purposes of either investing into property or property development companies.

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Adviser, Lawrence, O'Neill, banned by ASIC for five years

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Adviser, Lawrence, O'Neill, banned by ASIC for five years

The surveillance relates to the period in which Mr O’Neill was an Authorised Representative of Godfrey Pembroke and Wealthsure Financial Services. ASIC found that he failed to comply with financial services laws and wasn’t adequately trained.

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How CHOICE supporters fought for essential consumer protections against the financial services industry

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How CHOICE supporters fought for essential consumer protections against the financial services industry

In 2019, the industry still receives $2 billion each year in these dodgy commissions – for doing no work. But from 2021, these will finally be banned too.