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17-273MR ASIC permanently bans former Tasmanian financial adviser

Friday 18 August 2017

ASIC Media Release

ASIC has permanently banned Daniel Joseph Noonan, a former financial adviser based in Hobart, from the credit and financial services industries.

Mr Noonan was banned after pleading guilty and being convicted of 97 counts of fraud and 10 counts of stealing in the Supreme Court of Tasmania on 23 June 2017, following an investig...

By Kwame Slusher

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The Phased Licensing Approach

Thursday 17 August 2017



The Australian Prudential and Regulation Authority (APRA) has released a discussion paper looking a new phased licensing system for ADIs.

The paper, Licensing: A phased approach to authorising new entrants to the banking industry, looks at some of the ways barrier entries can be lowered while still maintaining the confidence of consumers.

“...

By Kwame Slusher

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17-272MR ASIC joins previously banned financial adviser to proceeding against Melbourne-based financial services business

Wednesday 16 August 2017

ASIC Media Release

ASIC has successfully applied to the Federal Court to make Joshua Fuoco a fourth defendant in proceedings against Wealth and Risk Management (WRM) and its related companies Yes FP and Yes FS.

ASIC alleges the defendants breached various provisions of the Corporations Act 2001 and the Australian Securities and Investments Comm...

By Kwame Slusher

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17-271MR ASIC disqualifies NSW SMSF auditor

Tuesday 15 August 2017

ASIC Media Release

ASIC has disqualified John Evennett of New South Wales from being an approved self-managed superannuation fund (SMSF) auditor. ASIC determined that Mr Evennett had breached fundamental independence and audit requirements. Given the nature of these breaches, it was considered appropriate to disqualify Mr Evennett.

ASIC found t...

By Kwame Slusher

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New Zealand not quite in-line with Basel

Monday 14 August 2017

 


Regulators around the world are looking for ways to protect themselves against the next global financial crisis.

“The IMF recommends that the Reserve Bank take on significantly more resources in order to: more proactively engage with the banks; issue more comprehensive rules and guidance on key prudential matters; and more frequently verify...

By Kwame Slusher

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ACCC taking a closer look at the new car industry

Monday 14 August 2017



The Australian Competition and Consumer Commission (ACCC) has just issued a report entitled New Car Retailing Industry—a market study by the ACCC.

“The ACCC is deeply concerned about the level of non-compliance with the Australian Consumer Law (ACL) in the new car industry. We will continue to take action to address failures by car manufactur...

By Kwame Slusher

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ACCC takes action to enforce $50,000 penalty

Monday 14 August 2017

ACCC Media Release

14 August 2017

The ACCC has commenced proceedings in the Federal Court against Mr Tuan Nguyen to enforce payment of a $50,000 penalty previously ordered for breaches of consumer law.

In 2013, the Court found that Mr Nguyen was knowingly concerned in false or misleading represen...

By Kwame Slusher

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17-269MR ASIC calls for expressions of interest for membership of Financial Services and Credit Panel

Monday 14 August 2017

ASIC Media Release

The Australian Securities and Investments Commission is calling for expressions of interest from financial services and consumer credit industry participants who are interested in becoming members of the new ASIC Financial Services and Credit Panel.

We will draw on these members who, with an ASIC staff member, will con...

By Kwame Slusher

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ACCC takes action against domain registration businesses

Friday 11 August 2017

ACCC Media Release

11 August 2017

The ACCC has instituted proceedings against Domain Name Corp Pty Ltd and Domain Name Agency Pty Ltd (also trading as Domain Name Register) (the Domain companies) alleging that they engaged in misleading or deceptive conduct and made false or misleading representations to Australian businesses about the domain n...

By Kwame Slusher

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17-265MR ASIC disqualifies SMSF auditor

Thursday 10 August 2017

ASIC Media Release

ASIC has disqualified Ross Russo of New South Wales from being an approved self-managed superannuation fund (SMSF) auditor. ASIC determined that Mr Russo had breached fundamental independence and audit requirements. Given the nature of these breaches, it was considered appropriate to disqualify Mr Russo.

ASIC found that...

By Kwame Slusher

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