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.
