ASIC cancels licence of Sydney financial services provider

ASIC/ban/asic-regulation/

12 July 2019
| By Laura Dew |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has cancelled the licence of Sydney-based Australian Mutual Holdings after the banning of its joint executive directors in April.

Joint chief executives Jeffrey Worboys and Matthew Barnett were banned from providing financial services for six years after failing to exercise the degree of care and due diligence required and failing to act in the best interests of the Courtenay House Capital Investment Fund members.

ASIC said there was also a failure to ensure that the person’s responsible for trading funds had the requisite qualifications and experience to manage a foreign exchange and derivatives fund.

On 28 June 2019, Peter Paul Krejci of BRI Ferrier was appointed voluntary administrator of Australian Mutual.

The terms of the cancellation allowed Australian Mutual’s AFS licence to provide financial services related to the winding up of Australian Pink Diamond Fund, Grange Capital Management Growth Plus Fund and Accelerated Trend Hedge Fund. The terms of the cancellation were effective from 5 July 2019.

ASIC Commissioner, Danielle Press, said: “A key priority for ASIC is ensuring that responsible entities take their duty to act in the best interest of investors seriously. This duty of loyalty has been described as the ‘most fundamental’ rule of trust law. The community expects responsible entities to fully comply with the best interest duty and ASIC will take legal action to enforce this.”

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?...

2 months 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

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

3 weeks 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 6 days ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks ago

TOP PERFORMING FUNDS