ASIC investigates six more on Westpoint
The Australian Securities and Investments Commission (ASIC) has provided an updated report on its investigations into the Westpoint collapse in which it has confirmed commencing investigations against a further six licensees and five authorised representatives who advised on Westpoint products.
The regulator said that this was on top of 16 briefs currently before ASIC delegates for potential banning.
In providing an update on the Westpoint, Fincorp and ACR collapses, ASIC made clear that it had moved to preserve the remaining assets of the companies.
Dealing with Fincorp, it said that it was examining any potential wrongdoing by former directors and offices of the company in their management of the group of companies and compliance with prior court orders and undertakings.
It said that in addition it was examining the role and conduct of related parties and advisers.
AUTHOR
Mike Taylor
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
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.
