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This week in Penalties 18 October -22 October...

Friday 22 October 2021

Former financial adviser Ashok Sherqwal has been banned from the industry for 6 years for providing advice not the appropriate for his clients and failed to meet the additional disclosure obligations. 

Former Director of Spectrum Wealth Mark Schroeder has been banned from providing financial services for six years for numerous compliance breaches and has been found to be ‘not a fit  and proper person to provide financial services ’. 

ASIC Commissioner Danielle Press, said in an official statement “The decision is a clear reminder to officeholders that they cannot disclaim responsibility for their regulatory obligations and must faithfully, competently, fearlessly and diligently discharge their roles.”

Colonial First State to pay $20 million for misleading and deceptive conduct as it relates to to communication of almost 13, 000 members. 

It was found that communication was intended to influence members to stay with FirstChoice Fund instead of moving to MySuper product. 

ASIC Deputy Chair Sarah Court said in an official statement, “The $20 million penalty handed down to Colonial is a timely reminder to superannuation trustees not to mislead members for their own benefit.”

The Australian Securities and Investments Commission (ASIC) has commenced proceedings agains Ultimate Credit Management for not commencing their debt recovery proceedings in the home state of the borrower which constitutes as breach in the consumer protection laws.