ASIC welcomes Opes Prime settlement
The Australian Securities and Investments Commission (ASIC) has welcomed the court approval of the schemes of arrangement forcing ANZ Bank and Merrill Lynch to pay $226 million to Opes Prime liquidators. The settlement and recovered assets will bring the total amount available to former investors to $253 million.
Opes Prime clients and liquidators must release ANZ and Merrill Lynch from any legal claims as part of the settlement.
ASIC will release both banks from potential legal claims relating to compensation for their alleged involvement in contravening the managed investment provisions of the Corporations Act, and a civil penalty and compensatory action against ANZ and Opes Prime directors.
ASIC stated that the settlement achieved the purpose of the mediation and avoided the need for costly legal action.
ASIC imposed an enforceable undertaking on ANZ Custodial Services in March in relation to its investigation into the collapse of Opes Prime.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
