Accused risk providers skip court hearing
Two men alleged to have sold risk insurance without holding an Australian Financial Services Licence failed to attend a scheduled Federal Court appearance in Perth yesterday.
The court ordered the Australian Securities and Investment Corporation (ASIC) to advise Michael Andersen and John Pizzey that they have 14 days within which to file an appearance, failing which a judgment may be made against them.
ASIC alleges the defendants, who are due to return to court on April 26, operated financial services business Iplus Risk Management in contravention of the Corporations Act.
The regulator is seeking a court order banning Andersen and Pizzey and Iplus from operating, or being involved in the operation of a financial services business without a licence.
It is also asking the court to void all contracts of insurance between Iplus and specific policyholders.
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