Federal Court grants interim asset preservation orders against WA adviser
The Federal Court has made interim asset preservation orders by consent against former Western Australia-based financial adviser Marion Joan Pearson and Colisa Pty Ltd, following an application by the Australian Securities and Investments Commission (ASIC).
ASIC obtained the orders, which restrain Pearson and Colisa from providing financial services advice or dealing in financial products, and from dealing with any client accounts without prior written authorisation from the client, after an investigation into the use of investor funds.
ASIC sought interim orders pending the outcome of its ongoing investigation, to preserve investors' assets and interests.
The orders were made on 18 July 2014.
Pearson is the sole director and shareholder of Colisa. Pearson and Colisa were at the relevant time, but are no longer, authorised representatives of the Australian financial services licence holder Ballast Financial Management Pty Ltd (Ballast). ASIC is not investigating the conduct of Ballast itself.
Recommended for you
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
Despite its popularity, only 1 per cent of financial advisers say they have often discussed cryptocurrency with clients, CoreData said, fuelled by concerns of heavy legal expenses if the product goes wrong.
AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme.
