Arthur Sinodinos, the Australian government official who was one of the main proponents of a plan to weaken FOFA, Australia’s recently-enacted financial services reforms package, is to “stand asidefollowing revelations about his connection to an ICAC [Independent Commission Against Corruption] inquiry in New South Wales”, The Australian is reporting today.
The man behind plans to make major changes to Australia’s answer to RDR, assistant treasurer Arthur Sinodinos, took to Australian national television Tuesday night to discuss the controversial plans, and revealed that the Australian Securities and Investments Commission would be tasked with monitoring the changes, if they go ahead.
Special interest and consumer groups in Australia have begun to speak out over a government plan to make significant changes to the country’s recently-enacted package of investor protection laws, which were among the first globally to include a ban on the use of commissions as payment for providing financial advice.
Financial planners in Australia will “once again be able to earn commissions for selling a wide range of investment products” if a government plan to “water down investor protection laws” goes through, one of the country’s leading financial publications reported over the weekend.
In the wake of last week’s winding up order by the Supreme Court of Queensland of LM Investment’s First Mortgage Income Fund, the Advisers Committee for Investors lashed out at what it said were “multiple failings" within Australia’s regulatory system, for having permitted the fund to get into the state it did…
Proceedings have been filed in Queensland Supreme Court in Australia in connection with one of the funds managed by LM Investment Management, the beleaguered fund management group which filed for voluntary administration in March.
The Supreme Court of Queensland today transferred control of a key LM Investment Management fund to KordaMentha, an Australian insolvency and restructuring specialist, and Calibre Capital Ltd.
The administrators for Australia-based LM Investment Management, appointed last month, have told a meeting of creditors that they are looking into an A$17m ($17.8m) personal loan the company made to its founder, Peter Drake, The Australian and other publications are reporting today.
The Australian Government has this week tabled legislation that will define in law the terms 'financial planner' and 'financial adviser', setting the regulatory pace for the rest of the world.
LM Investment Management Ltd, an Australia-based fund manager with assets under management last year of as much as A$3bn($3.1bn), has been placed into voluntary administration, International Adviser has learned.
Easton Investments, a Melbourne, Australia-based, Australian Securities Exchange-listed company, is purchasing a 19.9% stake in Singapore’s AAM Advisory, as it seeks to boost its presence in the booming southeast Asian city-state.
LM Investment Management, a Queensland, Australia-based global asset manager, has opened an office in London and is preparing to market its range of products into the UK.
