BOQ backflips on ASIC investigation
The Bank of Queensland has been forced to backflip on its assertion yesterday that it was not under specific investigation by the Australian Securities and Investments Commission (ASIC).
The bank informed the market this afternoon via the Australian Securities Exchange that it had become aware “as of late 25 June 2009, that it is the subject of a specific ASIC investigation”.
The bank yesterday issued a firm denial of any wrongdoing in its involvement with former clients of failed financial planning group Storm Financial, saying there was no evidence the bank has engaged in any misleading, deceptive or unconscionable conduct in relation to its lending with Storm clients.
In that same statement the bank said it was not under formal investigation by ASIC, nor had it received any legal proceedings from Slater and Gordon, the law firm representing many former Storm clients.
Today's brief statement said the bank was not aware it was the subject of a specific investigation prior to making its announcement yesterday.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
