ASIC freezes assets of adviser
The Australian Securities and Investments Commission (ASIC) has sought court orders to freeze the assets of a financial adviser who it alleges failed to assist the Australian Financial Complaints Authority (AFCA) to resolve client complaints.
ASIC announced today that it had obtained consent orders and undertakings in the NSW Supreme Court against Ross Andrew Hopkins, QWL Pty Ltd and QWL Asset Management Pty Ltd restraining Hopkins and QWL from dissipating or diminishing the value of their assets and providing financial services to clients without seeking prior approval from ASIC.
The regulator said it had started an investigation into allegation that Hopkins and QWL failed to resolve client complaints and that it was continuing that investigation.
It said that the matter would return to court on 18 November.
ASIC said that clients of QWL who were concerned about misconduct could lodge reports with ASIC or complaints with AFCA.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
