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ASIC Media Release

ASIC has accepted two enforceable undertaking (EUs) arising from deficiencies in the advice provided about insurance products.

Christopher John Cannon
ASIC has accepted an EU from Victorian-based financial adviser, Christopher John Cannon, a director of PAC Financial Pty Ltd and authorised representative of Austplan Pty Ltd,...

By Kwame Slusher

ASIC Media Release

The Federal Court in Melbourne has ordered that a land banking scheme known as the Realestate Equity Investment Trust (REIT) and an associated company, Timeline Project Management Pty Ltd (Timeline), be wound up. Here is a link to the Orders of the Court dated 19 December 2017 (Orders).

REIT is a managed investment scheme tha...

By Kwame Slusher

Tuesday 19 December 2017

ASIC Media Release

Following an ASIC investigation, Melbourne accountant Mr Jason Dermot Cullen, 47, of Yarraville, appeared before the Magistrates' Court of Victoria charged with two counts of authorising the making of a false or misleading document required under the Corporations Act. 

The charges were brought by ASIC following an investigati...

By Kwame Slusher

ASIC Media Release

National Australia Bank Limited (NAB) has refunded $1.7 million to 966 home loan customers after it failed to properly set up mortgage offset accounts.

Following customer complaints, NAB conducted an internal review which found that between April 2010 and August 2017 it had not linked some offset accounts to broker originated...

By Kwame Slusher

ASIC Media Release

The Federal Court has ordered MG Responsible Entity Limited (MGRE) to pay a penalty of $650,000 for contravening its continuous disclosure obligations, and also pay ASIC's legal costs.

The court found that MGRE contravened its disclosure obligations under section 674(2) of the Corporations Acton and from 22 March 2016, contin...

By Kwame Slusher

ASIC Media Release

CommInsure will pay $300,000 towards a consumer advice service and have its advertising sign-off processes independently reviewed after ASIC raised concerns about certain instances of its life insurance advertising.

ASIC commenced investigating CommInsure in April 2016, which included a review of CommInsure's advertising of t...

By Kwame Slusher

Monday 18 December 2017



On a global level, 2018 will bring new risks and uncertainty for businesses.

Control Risks, a specialist global risk consultancy, who released their
Risk World Map for 2018, said that uncertainty and risk will come about because of increased cyber threats and the rise of populist national leaders.

“With the threat of the next world order b...

By Kwame Slusher

Friday 15 December 2017





 A way to learn from the past with a 360 degree perspective


by Gareth Byatt and Gordon Woo


In October, Lloyds published new report on counterfactual risk analysis.
This article explains the concepts of counterfactual risk analysis, and how to make the best use of it to strengthen your business resilience and management of risk.

 
T...

By Kwame Slusher

ASIC Media Release

The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from Australian financial services licensee AIW Dealer Services Pty Ltd (AIW) to conduct an independent review of its advice processes.

ASIC's surveillance focussed on AIW’s supervision and monitoring of its representative...

By Kwame Slusher


ASIC Media Release

Mr Ricky David Gillespie has been sentenced in the Brisbane Magistrates Court for the forgery of client documents.

Mr Gillespie was fined $3,000, with no conviction recorded.

Mr Gillespie was a senior financial planner of the Commonwealth Bank's financial planning subsidiary, Commonwealth Financial Planning Limited (CFPL...

By Kwame Slusher