ASIC moves on Sydney mortgage schemes
Forrest Knoll Nominees’ managed investment scheme has had a receiver appointed to it by theAustralian Securities and Investments Commission(ASIC) after the corporate watchdog made a successful application to the Supreme Court of New South Wales.
Forrest Knoll was a managed investment scheme that was managed by Sydney law firm Gridiger and Co.
The orders to put the scheme into receivership follow a decision by Justice Barrett in the Supreme Court on August 12, 2000, to wind up six mortgage schemes identified by ASIC.
Forrest Knoll has consented to the orders sought by ASIC, the watchdog says in a statement.
ASIC says that each of the mortgage loans comprising the managed investment scheme was in default and concluded it appropriate to appoint receivers.
There were six mortgage loans and more than 250 investors with interests in the schemes.
Andrew Love and Robyn Duggan of Ferrier Hodgson were appointed as the receivers of the mortgage schemes.
Recommended for you
The role of a financial adviser is becoming more about investor management than investment management, according to Morningstar, with a greater emphasis placed by clients on soft skills.
There has been 11 financial advice-related bannings by ASIC since the start of the FY2023–24 financial year, equating to one every month.
With more and more licensees looking at M&A activity, Business Health has shared 10 suggestions to ensure a successful onboarding process as the two firms come together.
Almost half of advised investors expect technology to become so advanced that they will no longer use a financial adviser by 2030, according to a global report by LSEG.