ASIC

News and articles relating to the Australian Securities and Investments Commission (ASIC).

ASIC makes cost of living rule change for super and retirement calculators

ASIC will soon change the rules for superannuation and retirement calculators, taking more account of cost of living – a change described by an industry member as “significant”. ASIC has released new rules which it says are aimed an ensuring superannuation and retirement calculators adjust for inflation. Under the changes,… Read More »ASIC makes cost of living rule change for super and retirement calculators

Hostplus pays $12,600 penalty for allegedly misleading claims

Industry super fund Hostplus has paid a penalty relating to allegedly misleading claims, according to ASIC. The regulator announced that Hostplus has paid a $12,600 Infringement Notice penalty, relating to “alleged misleading claims about offering ‘independent advice’ in a recorded telephone message on HostPlus’ main consumer telephone number”. ASIC notes that… Read More »Hostplus pays $12,600 penalty for allegedly misleading claims

SMSF property advice leads to 3 year exclusion from financial services

ASIC has accepted an Enforceable Undertaking from a Gold Coast accountant preventing her from providing financial services for three years, following an investigation into SMSF advice involving property. The regulator says it found Jenan Oslem Thorne (also known as Cenan Thorne or Cenan Dikmen) had “failed to act in the… Read More »SMSF property advice leads to 3 year exclusion from financial services

Court restrains unlicensed SMSF property advice business

The Supreme Court of Queensland has issued orders restraining an individual and a company from conducting an unlicensed financial services business advising on SMSFs and property. Late last year ASIC commenced legal proceedings against Richard Gardner – a credit representative and former financial adviser – and Advanced Wealth Financial Services… Read More »Court restrains unlicensed SMSF property advice business

25 year financial services ban for personal use of clients’ superannuation

The Federal Court has handed down a 25 year ban from providing financial services, relating to the “misuse” of clients’ superannuation.

The Federal Court of Australia has restrained Graeme Walter Miller from providing financial services for 25 years, disqualified him from managing companies for three years, and wound up Australian Financial Services Licensee CFS Private Wealth Pty Ltd and its corporate authorised representative
Combined Financial Solutions Pty Ltd.

Read More »25 year financial services ban for personal use of clients’ superannuation