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Showing 121 - 130 of 3746 results for %22LIC%22

Vista acquires second practice

KARREN VERGARA  |  MONDAY, 9 OCT 2023
Vista Financial Group has made its second acquisition this year as it eyes strengthening its presence in Melbourne. Founded in 2015 by Jason Chew, Orange Wealth, which largely services Millennials out of South Yarra, joins Beaumaris-based Vista. The ...

Adviser cops 10-year sentence

KARREN VERGARA  |  FRIDAY, 6 OCT 2023
A former financial adviser who took more than $10 million from clients to fund his lavish lifestyle will spend the next 10 years in jail. Judge Wraight sentenced Terence Rio Nugara to nine years and 11 months imprisonment at the Victoria County Court ...

Skynet adviser stole $10.2m: Court

KARREN VERGARA  |  THURSDAY, 28 SEP 2023
The principal and financial adviser of Skynet Financial Services swindled clients to the tune of $10 million and could face up to 20 years in jail. Terence Rio Nugara, who was permanently banned by ASIC in April, stole $10,152,061.93 from 38 clients ...

ASIC fines fintech for misrepresenting crypto product

CASSANDRA BALDINI  |  WEDNESDAY, 27 SEP 2023
Local fintech Bobbob has paid $53,280 to resolve infringement notices issued in response to misleading claims it made about a crypto-asset linked investment product. Over an eight-month period, a product known as the Savings Product was offered, attracting ...

AMP challenges BOLR court ruling

KARREN VERGARA  |  WEDNESDAY, 27 SEP 2023
AMP is appealing the Federal Court's Buyer of Last Resort (BOLR) ruling that determined in favour of AMP Financial Planning advisers who saw the valuations of businesses slashed by 40%. AMP filed a Notice of Appeal in the Federal Court yesterday ...

Former adviser lands in jail

KARREN VERGARA  |  TUESDAY, 26 SEP 2023
A former financial adviser who took more than $1 million from clients to feed his online gambling addiction has been sentenced to jail for five years. The District Court of Western Australia found Mark Raymond Sebo guilty of misappropriating $1,056,685.18 ...

Licensees shun remediation obligations: ASIC

KARREN VERGARA  |  TUESDAY, 26 SEP 2023
Many large licensees are failing to proactively remediate clients in a fair and timely manner, operating under a framework that lacks appropriate oversight and accountability. ASIC measured large licensees against standards in Regulatory Guide 277 Consumer ...

NextGen Financial Group forced into liquidation

KARREN VERGARA  |  MONDAY, 25 SEP 2023
After ignoring an Australian Financial Complaints Authority (AFCA) determination, which was then escalated to the Federal Court, NextGen Financial Group is now in the process of winding up. WJ & V Drakoulis Super, the trustees of the SMSF that sued ...

Count to take over Diverger

KARREN VERGARA  |  FRIDAY, 22 SEP 2023
Count is making a play for Diverger, in a deal that will create an entity with $29 billion in funds under management and advice, and house 550 financial advisers. The two ASX-listed firms have entered into a binding scheme implementation deed in which ...

Financial advice firms profits jumps: Research

CASSANDRA BALDINI  |  WEDNESDAY, 6 SEP 2023
New data suggests that 38% of financial advisers are reporting higher practice profitability. According to Investment Trends' 2023 Adviser Business Model Report, the number of advisers has decreased, but on average those who are left, are servicing ...