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
The Financial Advice Association Australia has appealed to licensees to urgently update their FAR records as hundreds of advisers are set to depart by the end of the year.
Demand for robo-advice tools is rising, a report has shown, but this is occurring simultaneously with rising demand for professional face-to-face advice.
ASIC has released the results of the latest financial adviser exam, held in November 2025.
Winners have been announced for this year's ifa Excellence Awards, hosted by Money Management's sister brand ifa.
