Melissa Caddick and Maliver found to have engaged in unlicensed conduct
The Federal Court has found Melissa Caddick and her company, Maliver Pty Limited (Maliver), carried on a financial services business without holding an Australian financial services licence (AFSL).
The collection and distribution of assets would be handled by the receivers and liquidators, subject to the Court’s oversight.
The Court found Caddick operated without an AFSL from about October 2012 until about November 2020, while Maliver operated without an AFSL from about June 2013 and until November 2020.
The Court decision followed a three-day hearing on 29 June, 2021.
On 10 November, 2020, the Federal Court made interim orders against Maliver and Caddick, and she was reported to have disappeared on 12 November.
On 15 December, 2020, Bruce Gleeson and Daniel Soire of Jones Partners had been appointed as receivers of Caddick’s property and liquidators of Maliver which was ordered to be wound up.
On 30 March, 2021, ASIC withdrew the criminal charges against Caddick, which it was required to do to enable civil proceedings in the Federal Court to continue.
AUTHOR
Chris Dastoor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
