ASIC freezes assets of adviser
The Australian Securities and Investments Commission (ASIC) has sought court orders to freeze the assets of a financial adviser who it alleges failed to assist the Australian Financial Complaints Authority (AFCA) to resolve client complaints.
ASIC announced today that it had obtained consent orders and undertakings in the NSW Supreme Court against Ross Andrew Hopkins, QWL Pty Ltd and QWL Asset Management Pty Ltd restraining Hopkins and QWL from dissipating or diminishing the value of their assets and providing financial services to clients without seeking prior approval from ASIC.
The regulator said it had started an investigation into allegation that Hopkins and QWL failed to resolve client complaints and that it was continuing that investigation.
It said that the matter would return to court on 18 November.
ASIC said that clients of QWL who were concerned about misconduct could lodge reports with ASIC or complaints with AFCA.
Recommended for you
Scarcity Partners believes the dynamics playing out in the managed account and outsourced chief investment officer market are “here to stay” based on positive developments in financial advice.
Former executive chairman of failed stockbroker BBY, Glenn Rosewall, has been charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct in relation to a financial service.
Fidelity International research has revealed Australian investors are significantly more optimistic about the market outlook and feeling more comfortable than their APAC peers, despite ongoing market volatility.
MLC has partnered with TAL and Challenger on a retirement solution, the first in a series of retirement income offerings for advisers to be launched over the next 18 months.
