Bridgecorp concerns prompt ASIC orders
The Australian Securities and Investments Commission (ASIC) has made a number of orders against Bridgecorp Finance in relation to significant concerns regarding the company’s financial position.
The non-bank lender, which raises money from investors by offering unsecured notes and then on-lends the money as a short-term property financier, is now restricted from raising further funds from existing debenture holders or accepting rollovers from existing funds.
It must also have its loan book reviewed, provide the trustee with weekly and monthly financial reports and notify its debenture holders of the court orders.
ASIC applied to the NSW Supreme Court for the orders with the aim of protecting holders’ interests after reviewing two of the company’s prospectuses.
The regulator has acknowledged the co-operation of the trustee, Permanent Nominees Australia, and Bridgecorp Finance in working towards a resolution.
Recommended for you
The corporate regulator has cancelled the AFSL of a Perth advice firm, with the firm having previously seen its licence temporarily suspended in 2020.
Having proposed changes earlier this year, ASIC has clarified how it will support licensees with additional relief under the reportable situations regime.
AMP has partnered with BlackRock and research house Lonsec to provide a model portfolio capability on its North platform that offers “portfolio customisation at scale” to advice practices of all sizes.
Money Management rounds up actions ASIC took against advice individuals in the first half for FY25 from exam falsifications to dishonest conduct.
