ASIC bans Union Standard director John Martin for 10 years LeapRate

June 01, 2021 BY Steffy Bogdanova

ASIC bans Union Standard director John Martin for 10 years

The Australian watchdog found that Martin was involved Union Standard’s failures to ensure that the financial services covered by its licence were provided efficiently, honestly and fairly. It was also found that Martin affected Union Standard’s failure to ensure TradeFred and EuropeFX complied with financial services laws. ASIC discovered that Martin did not implement or…

May 24, 2021 BY Steffy Bogdanova

ASIC cancels Direct My Wealth Pty’s lincence

The announcement said: Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may suspend or cancel an AFSL and ACL if the licensee is no longer providing financial services, ceases to engage in credit activities or fails to meet its legal obligations. This includes its obligations to lodge financial statements, auditor’s…

May 21, 2021 BY Steffy Bogdanova

ASIC seeks civil penalties against Equiti FS based on remuneration breaches

Referring to the Corporations Act 2001, ASIC also alleges that the aforementioned bonus payments were a breach of the prohibition of conflicted remuneration. This is said because the bonuses could, on obvious grounds, be an influencing factor in the financial product advice given by the advisors. The bonuses could have similarly influenced the choice of…

May 14, 2021 BY Steffy Bogdanova

ASIC bans former director of Theta Asset Management for four years

Marie’s ban is connected to five defective Product Disclosure Statements (PDSs) for the SIT, under which a total of $16,710,669 was raised from retail investors from 20 May 2016 to 1 May 2018. ASIC had previously commenced civil penalty proceedings against Theta issuing the defective PDSs. ASIC found that Marie failed to comply with his…

May 11, 2021 BY Steffy Bogdanova

ASIC warns against limestonefx.com

Investors with the above-mentioned website have alerted ASIC that are unable to withdraw their investments form it. ASIC has discovered that the operators of limestonefx.com do not hold AFS licence or authorisation to provide financial services in Australia. The website falsely claims to be affiliated with an AFS licensee. The regulator has also found out…

May 05, 2021 BY Steffy Bogdanova

Westpac faces civil proceedings from ASIC

It has been suggested that upon market opening, at 8:30 am that day, Westpac traders obtained and then disposed of interest rate derivatives in an attempt to pre-position the company leading up to the confirmation of the swap transaction. Westpac allegedly held the above transaction knowledge when all of this took place, and that this…

April 19, 2021 BY Steffy Bogdanova

Court bans Mayfair 101 director for 20 years following ASIC investigation

Mawhinney was found to have engaged in conduct that entailed ‘inherently problematic, risky and fatally flawed’ investment schemes in relation to the IPO Capital, Core Notes, M+ Notes and IPO Wealth Fund products. The court also noted that Mawhinney ‘has expressed no contrition or remorse for the very significant loss of investors’ funds’. Mayfair Wealth…

April 02, 2021 BY Steffy Bogdanova

Forex Weekly Look Back: FXCM adds social and copy trading via ZuluTrade, ASIC bans binary options and restricts CFDs trading

The Financial Conduct Authority (FCA) released a new policy statement on its website announcing that all UK crypto firms must now submit financial crime reports on a yearly basis, regardless of annual revenue. Within the new financial crimes reporting sphere are cryptoasset business, following plans released eight months ago alluding to the policy change. The…

April 02, 2021 BY Steffy Bogdanova

CBA sued by ASIC over misleading conduct

The incorrect fees have been found to be a result of manual errors executed by CBA staff members, as well as improperly configured or inadequate processes and systems which dismissed the fact that a vast number of customers were entitled to waivers on any fees. CBA was also found to have produced misrepresented justifications of…

April 01, 2021 BY Steffy Bogdanova

ASIC bans Binary Options sale to retail clients

ASIC Commissioner Cathie Armour said: Binary options’ product characteristics make them incompatible with investment or risk management use by retail clients. ASIC’s product intervention order will protect retail investors from these harmful products at a time of heightened vulnerability. According to the Commission, retail clients’ net losses from trading binary options are estimated at around…

Tag: ASIC