Unlicensed Perth practice shut down
The Federal Court of Australia has ordered that the directors of an unlicensed financial services business in Perth must cease operation immediately, following an Australian Securities and Investments Commission (ASIC) investigation.
Michael Andersen and John Pizzey of iPlus Risk Management came under ASIC’s scrutiny after complaints were made about the pair, who offered business and home insurance cover to clients.
As a result of the findings, contracts of insurance between iPlus and specific policy holders are void.
The court also made orders preventing iPlus and the two directors from acting on behalf of others.
Andersen, Pizzey and the representatives of iPlus failed to appear at the court hearing on April 26.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
