ASIC permanently bans Sydney finance broker
The Australian Securities and Investment Commission (ASIC) has permanently banned a Five Dock woman from providing financial and credit services, following its investigation of Giulia Penna, who had previously been convicted of fraud.
ASIC said it made the permanent ban after it found Penna falsified client documentation in 2012, despite having a fraud conviction in 2010.
ASIC said Penna knowingly submitted falsified documentation for a number of clients seeking car finance between June 2012 and September 2012, when she was trading as CFG Financial Services.
The ASIC statement noted that since 1 July 2010, when it became the national consumer credit regulator, it had permanently banned 43 individuals or companies from providing credit services, while it banned 34 on a non-permanent basis. It also prosecuted 13 credit service providers.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
