Unlicensed Perth practice shut down
The Federal Court of Australia has ordered that the directors of an unlicensed financial services business in Perth must cease operation immediately, following an Australian Securities and Investments Commission (ASIC) investigation.
Michael Andersen and John Pizzey of iPlus Risk Management came under ASIC’s scrutiny after complaints were made about the pair, who offered business and home insurance cover to clients.
As a result of the findings, contracts of insurance between iPlus and specific policy holders are void.
The court also made orders preventing iPlus and the two directors from acting on behalf of others.
Andersen, Pizzey and the representatives of iPlus failed to appear at the court hearing on April 26.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
