POWERED BY MOMENTUM MEDIA
AAT decision puts past offenders on notice
The Administrative Appeals Tribunal (AAT) has upheld a decision from the Australian Securities and Investments Commission (ASIC) to refuse Superannuation Warehouse Australia’s (SWA’s) application for a limited Australian financial services licence (AFSL), after its director failed to disclose past offences.
The AAT based the finding on SWA’s sole director and nominated responsible manager, Johann Heinrich Preller, failing to:
- Demonstrate an adequate understanding of the general obligations that would apply to a licensee; and
- Disclose matters that the AAT considered materially relevant, including telling ASIC of past breaches of other laws.
In the decision, the AAT considered information referred to ASIC by the Australian Taxation Office (ATO) about the audits of self-managed superannuation funds (SMSFs) completed by Preller. While this information was provided to ASIC after the hearing had closed, the AAT agreed with ASIC that it was relevant to the licence decision and so should be considered.
“These decisions reinforce the importance of providing full and frank disclosures to ASIC and the weight placed on an applicant’s past conduct in financial services or under other legislation in determining a licence application,” ASIC executive director of assessment and intelligence, Warren Day, said of the decision.
“Applicants, and anyone else involved in preparing and lodging applications with ASIC, are on notice that a failure to disclose all relevant information runs the risk of the application being refused.”
Recommended for you
The central bank has served up a disappointment for punters on Melbourne Cup Day.
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
