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Penalties 6 September - 10 September

Wednesday 8 September 2021



The federal court has found the First Choice Fund of Colonial First State made false and misleading representations on 12, 978 occasions. 

The Australian Securities and Investments Commission (ASIC), “Superannuation fund members need to receive clear and accurate information to make informed decisions. ASIC alleged Colonial made misleading representations which may have impacted members’ decisions about where to keep their funds and may have resulted in members’ funds being kept in higher fee-paying super products that included commissions. These actions did not put members’ interests first.”

This comes just after year since ASIC announced that they were commencing proceedings. 

In formal statement the securities and investments regulator listed the allegations between the period March 2014 and July 2016:

  • engaged in misleading and deceptive conduct by sending 12,911 letters to members containing misleading representations about investment directions;
  • made false or misleading representations and engaged in misleading and deceptive conduct in 70 calls to members about investment directions;
  • failed to provide a ‘general advice warning,’ as required by the Corporations Act, in 17 calls to members; and
  • failed to do all things necessary to ensure the financial services covered by its financial services licence were provided efficiently, honestly, and fairly.


Allianz Australia and AWP Australia have been ordered to pay $1.5 million in penalties for in relation to misleading and deceptive conduct when it comes.
ASIC Deputy Chair Sarah Court said, “ASIC is committed to improving the outcomes for Australian consumers who purchase insurance. The insurance industry needs to be transparent and accurate when selling and promoting their products.”
Court went to say that the people expect that the insurance industry would sell products on transparent way

 



Robert Francis Brady has been disqualified from managing corporation for four years for his involvement with three failed companies. 
 



The Roadships Group, Roadships Cycclone have been charged with failing to comply with ASIC notices and Robert George McClelland has been charged with “…aiding, abetting, counselling or procuring the companies’ failure to comply with notices.”

 


Richard Marlborough, Colin MacVicar, David Domingo, Lam Young of Members Alliance, and Benchmark Group have been charged for trading while insolvent, dishonestly using their positions as directors amongst other charges.  Solicitor John Ramsden charged for aiding and abetting them for breaching their director’s duties.