Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

ASIC issues spate of bans as dodgy advisers lurk

red stop sign ban sign asic bans dodgy advisers

The corporate regulator has issued a range of disciplinary actions this week, after concerns consumer protections were being compromised by suspect advice services.

ASIC banned two advisers, formerly authorised to operate by Macquarie, from providing financial services for 10 years earlier this week.

The corporate regulator found NSW-based Mark Alexander Landau and South Australia-based Marcus Roderick Campbell engaged in conduct that was “deliberate and dishonest and involved continued, knowing and wilful contraventions of the law.”

ASIC also permanently banned Queensland-based Benjamin Fletcher from providing financial and credit services, after having been convicted twice in 2014 for a number of fraud-related offences under the Queensland Criminal Code.

Advertisement
Advertisement

The banning of Mr Fletcher came about after ASIC and the Queensland Police Service conducted a joint agency surveillance campaign to identify criminal syndicates and outlaw motorcycle gang members with dishonesty convictions from managing corporations or operating a business under a business name.

The corporate regulator has been under pressure to capture poor financial advice, particularly from bank-authorised advisers, in the wake of the royal commission.

ASIC recently came under fire for its handling of a penalty to CBA. The royal commission heard last week that CBA got a 96 per cent penalty discount despite misleading consumers in its advertising.

ASIC also allowed CBA to draft the media release regarding the penalty.

ASIC issues spate of bans as dodgy advisers lurk
red stop sign ban sign asic bans dodgy advisers
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Dan Hadley JLB Adela... - Hi Ro,

Thanks for your question and it is actually quite a valid one. At present there are a number of companies working on flying car options. These.......
Lawrie - What happens when a payment is made by an employer prior to the 30th June (say 25th June this year) via a clearing house, but it takes the clearing.......
Dr Terry Dwyer, Dwye... - She is quite right of course. Returns to both capital and labour incomes are much reduced by taxation and it has increased enormously since the.......
Anonymous - A Bad call by the RBA. Lower interest will not stimulate the economy any more at 1.25% than at 1.5%, which was already too low. The imminent election.......