OAMPS executive resigns
OAMPS Insurance Brokers executive director Kingsley Lamont has resigned from the group’s board and will not act as a director for the next three years.
Lamont, the former OAMPS chairman, made the decision as part of an undertaking to the Supreme Court of Victoria in order to resolve civil proceedings initiated against him by the Australian Securities and Investment Commission (ASIC) in August last year.
ASIC has alleged that in 1998 Lamont breached his duties as managing director of Steadfast Insurance Brokers Management Group.
Lamont allegedly collaborated with former FAI Insurances chief executive Rodney Adler, who is also an ex-director of HIH Insurance, for FAI to provide a loan to Lamont's private company so it could buy OAMPS shares.
ASIC also alleged that Lamont negotiated with Adler for the interest payments on the loan to be tied to the volume of insurance business generated for FAI by the insurance brokers who were shareholders in Steadfast.
Lamont's decision to resign from the OAMPS board and agree not to act as a director of any public company or subsidiary of OAMPS related companies for three years was enough to resolve the case, according to ASIC.
Lamont also contributed $30,000 towards ASIC's legal costs. ASIC says it has not alleged any wrongdoing by Steadfast, OAMPS, FAI or Adler.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
