Property group consents to extend ASIC interim orders
The interim orders restraining the providing and promotion of financial advice at Perth-based Macro Realty Group and its associated companies is still leaving the realtor in the lurch, with director Desiree Macpherson consenting to further enquiry.
The Australian Securities and Investments Commission (ASIC) obtained a range of interim orders in the Perth Federal Court on 21 July, which saw property developer, Macpherson and the Macro Companies, restricted from providing financial services.
Consent orders obtained today will see the interim orders continue until 30 June 2017, or until further order.
The orders against Macpherson and companies associated with Macro Realty Group, where she is a shareholder, have been sought following ASIC's investigation in the Pilbara region of Western Australia.
The investigation into the Macro Companies will continue.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
