Page 20 - Danielle Press News Today

Mortgage Business Asset finance funder fined $750k for unlicensed activities By Annie Kane 29 April 2021 The Federal Court has ordered a former equipment funder to pay a $750,000 court penalty for engaging in unlicensed consumer leasing. The $750,000 civil penalty was handed down by the court after ASIC alleged, and GoGetta admitted, that it had...

Rest case one of many industry fund misdeeds: ASIC Rest case one of many industry fund misdeeds: ASIC ASIC’s court action against a major industry fund is the tip of the iceberg when it comes to funds in the space actively discouraging members from rolling their money over to a competitor, according to evidence given at a parliamentary committee. A A Appearing at a recent hearing of the House economics committee, ASIC commissioner Danielle Press said the case against industry fund Rest, which...

Rest case one of many: ASIC By Sarah Kendell 14 April 2021 ASIC’s court action against a major industry fund is the tip of the iceberg when it comes to funds in the space actively discouraging members from rolling their money over to a competitor, according to evidence given at a parliamentary committee. Appearing at a recent hearing of the House economics committee, ASIC commissioner Danielle Press said the case against indu...

ASIC obtains compliance orders for SMSF case ASIC obtains compliance orders for SMSF case The Federal Court has made orders compelling a Gold Coast accountant to comply with a court enforceable undertaking, after ASIC alleged she gave inappropriate advice around SMSFs. A A Jenan Oslem Thorne, also known as Cenan Thorne or Cenan Dikman and an accountant with Saber Superannuation, first entered into a court enforceable undertaking (CEU) with ASIC on 13 February 2019, following an investigation th...

Date Time ASIC obtains compliance orders for court enforceable undertaking The Federal Court made orders yesterday, 11 March 2021, compelling Gold Coast accountant Jenan Oslem Thorne (also known as Cenan Thorne or Cenan Dikmen), of Saber Superannuation Pty Ltd, to comply with the terms of a court enforceable undertaking (CEU) that she previously entered with ASIC. Ms Thorne first entered into an CEU with ASIC on 13 February 2019, following an ASIC investigation that found she failed to act in h...

With no oversight and with the formulation of a disciplinary body still in transition, advisers and licensees have put on hold the supervision and application of the Code of Ethics despite the possible legal ramifications associated with doing so. Currently it is a requirement under the Corporations Act following reforms introduced in March 2017 to adhere to new professional standards including compliance with the Code of Ethics. In its timeline the securities regulator sets out that from Janua...

The federal court has dished out a $1.2 million penalty to Dover Financial Advisers as part of the fallout from its 2019 judgement that the stricken licensee engaged in “false, misleading or deceptive conduct” when it provided almost 20,000 ‘client protection’ policies. As part of the ruling the firm’s former sole director, Terence McMaster, has also been ordered to pay $240,000 for being “knowingly concerned” in Dover’s conduct. Dover had its AFSL cancelled by ASIC in September...

Date Time Share Dover Financial Advisers to pay $1.2 million penalty and its sole director to pay $240,000 penalty for false or misleading conduct The Federal Court has ordered that Dover Financial Advisers Pty Ltd (Dover) pay a $1.2 million penalty for engaging in false or misleading conduct, and that Terrence (Terry) McMaster, Dover’s sole director, pay a $240,000 penalty for being knowingly concerned in Dover’s conduct. These penalties follow the Federal Court’s 22 November 2019 judgm...

“The contravention arose out of the conduct of the most senior management within Dover, being Mr McMaster.” While not satisfied that McMaster was consciously aware the client protection policy contained a false or misleading statement, Justice O’Bryan observed that he had been aware of all the relevant facts making it so and that “McMaster’s behaviour following the institution of these proceedings indicates that he has only a limited appreciation of the seriousness of the contravening...

The corporate watchdog has acknowledged the overwhelming response from its consultation paper on advice affordability, flagging the next steps it will take to address the growing barriers for SMSF advisers.