ASIC freezes assets of adviser

ASIC/QWL/

6 November 2019
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS