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The Final Week in Penalties for 2021…

Friday 17 December 2021

 



Former Director James Cruikshank has been banned managing the companies  and for four years and the given a $40,000 penalty for breach  of continuous disclosure laws  and failing to discharge his duties as a director.




 Former  financial adviser Melinda Scott was convicted of managing a corporation whilst having been disqualified for 25 years between 2012 and  2037.



The Australian Securities and Investments Commission (ASIC) began proceedings against OnePath  alleging that the company incorrectly charged $4 million to 18, 000 members and incorrectly charged for financial advice to over 2000 members who did not have linked plan to an adviser.

ASIC Deputy Chair Sarah Court said, “Superannuation is important for the future financial security of Australians. Consumers must be able to trust they are being charged fees correctly by their superannuation providers. ASIC’s case alleges that OnePath failed to do so in this case.” 




 The Australian Securities and Investments Commission (ASIC) has banned former financial adviser  and former director Craig Allen and Gerald Cummins, respectively, from providing financial services for five years.

Breaches in obligations included failing to provide statements of advice,  misleading and deceptive conduct about the tasks completed and failing to implement system to refund clients who have been overcharged.




 The Australian Securities and Investments Commission (ASIC) has cancelled Premier Wealth Management’s  financial licence for not providing financial services efficiently, honestly, and fairly.