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
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
