ASIC warns of ‘significant escalation’ in unlicensed advice

ASIC ASFL complaints regulation

15 December 2020
| By Laura Dew |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has given an increased focus on unlicensed operators providing financial product advice without an Australian financial services licence (AFSL).

For individuals, the penalty was a maximum of five years imprisonment or a fine of $126,000 while corporations could receive a penalty of $1.26 million.

The regulator said it had seen a “significant escalation” in complaints about unlicensed financial advice being provided through website, social media, cold calling and seminars.

ASIC was undertaking a range of surveillance and investigation into those individuals and corporations and was writing to those involved to warn them of the potential consequences. In other cases, ASIC was pursuing enforcement actions.

This included interim orders against Maliver Pty Ltd and director Melissa Caddick, against John Louis Anthony Bigatton, both in November, and against Larry Dawson and PW Kitt Co Pty Ltd in August.

People concerned about unlicenced activity could contact ASIC through https://asic.gov.au/complain or 1300 300 630.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 3 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 1 hour ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 4 hours ago