James Shipton has lost almost $200,000 in forgone wages since he stood aside as ASIC chairman, contradicting Clive Palmer's claims that Shipton is on '$850,000 gardening leave'.
However, ASIC made clear to Queensland Liberal backbencher, Bert Van Mannen, that the provision of administrative assistance could not be specifically referenced and charged out in the same terms as the provision of financial advice.
ASIC outlined what the relevant legislation currently says and suggested that the provision of ongoing administration assistance might fall short of those requirements.
“Financial product advice is defined in s766B of the
Corporations Act 2001 (the Act) as a recommendation or a statement of opinion, or a report of either of those things, that:
(a) is intended to influence a person or persons in making a decision in relation to a particular financial product or class of financial products, or an interest in a particular financial product or class of financial products; or
LCA responds to final report into litigation and class action industry lawyersweekly.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lawyersweekly.com.au Daily Mail and Mail on Sunday newspapers.
the committee”) into
Litigation funding and the regulation of the class action industry was released yesterday, making 31 recommendations to reform the class action system. The inquiry was referred in part due to concerns over the significant growth in shareholder class actions and “excessive profits” obtained by litigation funders. In making its recommendations, the committee noted that there was virtually unanimous agreement that the current regulatory arrangements are too ‘light touch’ and greater oversight of the industry is required. The committee’s approach to reform was guided by the principle of reasonable, proportionate and fair access to justice in the best interests of class members.
Government solicitor endorsed ASIC chairman s tax expenses
Dec 21, 2020 – 12.00am
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The Australian Government Solicitor endorsed the corporate regulator s decision to charge the taxpayer for chairman James Shipton s tax advice bill from KPMG worth $118,557 when he relocated from the US.
Mr Shipton stepped aside from his role amid an investigation into the now repaid tax advice bill. An independent report into the matter by former inspector-general of intelligence Vivienne Thom is due to be handed to Treasurer Josh Frydenberg by the end of December.
Daniel Crennan has resigned and James Shipton has stood aside pending an investigation, leaving Karen Chester as acting chairwoman.