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ASIC

In a majorly embarrassing incident, has imposed additional licence conditions on the Australian financial services licence of NAB's superannuation trustee, NULIS Nominees (Australia) Limited (NULIS), following breakdowns in internal procedures.

More than 15,000 customers of BMW Financial Services, Mini Financial Services and Alphera Financial Services are to be compensated for serious failures in the group's business practices, which caused genuine hardship in some cases, says the Australian regulator, ASIC. The scale of the Order is jaw dropping.

BIScom Subsection: 

The Australian Securities and Investments Commission has permanently banned the owner and sole director of an insurance brokerage from the financial services industry. Christopher John Griggs of Chris Griggs Insurance Offices Pty Ltd, Mount Pleasant, South Australia, forged documents and applied for credit using the names of third parties without their knowledge.

BIScom Subsection: 

The Australian Securities and Investments Commission (ASIC), which federally regulates a wide range of businesses, has cancelled the credit licence of S & S Enterprises Pty Ltd, trading as appliance rental business Rent To Own Appliances.

BIScom Subsection: 

Mahmoud Daher, an employee of The Australian Securities and Investment Commission (ASIC), has today appeared at Downing Centre Local Court charged that he effected unauthorised access to restricted data and uttering a false document contrary to money laundering, etc. law.

CoNet Section: 

ASIC, the Australian companies regulator has appointed provisional liquidators to the Uglii group of companies. First, don't panic: it's nothing to do with Uggs, the cult boots. Second, do panic if you run an unlisted business with numerous shareholders and a typical internet business model because that seems to be the primary cause of the regulator's concern.

CoNet Section: 

A former director and in-house counsel of Australia's Provident Capital Limited, promoters of the Provident Capital Monthly Income Fund, a defunct investment company, is the latest to be subject to sanctions arising out of the collapse of the company.

ASIC has cancelled the Australian financial services (AFS) licence of Winley Insurance Group Pty Ltd (Winley), a Perth-based general insurance brokerage for failing to comply with a number of its key obligations as a financial services licensee, in particular failures to file regulatory reports as required.

As a result of concerns raised by ASIC, American Express Australia Limited has agreed to change its approach to the charging of a higher ‘default’ rate of interest to credit card customers who have defaulted in their payment obligations. The policy currently affects 7.9% of credit card accounts issued by AMEX. As a result of the changes the holders of those accounts will receive a reduction in interest rate of up to 6%.

BIScom Subsection: 

The Australian Securities and Investments Commission has obtained the suspension by the Companies Auditors and Liquidators Disciplinary Board of Dean Royston McVeigh for 18 months, preventing him acting as liquidator or voluntary administrator.

CoNet Section: 

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