ASIC comes down on unlicensed MIS
The Australian Securities and Investments Commission (ASIC) has obtained Queensland Supreme Court orders appointing Michael McCann and Graham Killer of Grant Thornton as the receivers and managers of specified properties of Mirtna companies and the receivers of property of James Kentwell Lovell. ASIC launched the action to secure the assets for investors.
ASIC alleges that Lovell operated an unregistered managed investment scheme that raised approximately $7.9 million from more than 200 investors through Mirtna companies, including Mirtna Holdings, Mirtna Investments, Mirtna Capital and Life Super.
ASIC also alleges that Lovell helped set up 26 self-managed super funds with the assistance of Life Super, which were among the investors in his scheme.
McCann and Killer must provide a report to the Supreme Court by August 26.
Recommended for you
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
WIth only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.