Unlicensed dealer restrained by ASIC
Macquarie Town Financial Planning director, John Michael Higgins, has been restrained by a Supreme Court injunction from providing financial products or services advice, or dealing with clients' funds, until further orders.
The order was made by Justice Windeyer in the Supreme Court after theAustralian Securities and Investments Commission(ASIC) became aware that Higgins was providing financial advice even though his authority to do so has been revoked.
Higgins was previously an adviser withGarrisonsPty Limited. Garrisons terminated his authority to provide advice on 12 March 2002 after discovering that Higgins had placed clients' money in his own business account.
ASIC’s director of enforcement, Allen Turton, says because of the regulators action, any clients of Higgins will be protected in their dealings with Macquarie Town Financial Planning.
The matter will next be heard in the Supreme Court on September 2, 2002.
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
