ASIC accepts EU from former financial services director
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from former director of AIE Fiduciary Services (AIE) Manish Babulal Jani.
Jani is prohibited from managing a corporation for five years and cannot be involved in financial services for two years.
According to ASIC, Jani breached a number of obligations expected of him as the director between April and November last year.
These obligations included ensuring AIE met statutory obligations, maintained proper books of account, was solvent when company debts were incurred, set up adequate risk management systems, and held and retained a dispute resolution system.
AIE’S licence was cancelled in December last year. The company had begun operations in June 2003 and was an Australian Financial Services licence holder.
“Directors hold a position of trust in any organisation and they must adhere to their obligations. If they do not, ASIC will act to ensure they are removed from the industry,” deputy chairman Peter Kell said.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
