Mr Hopkins, a financial adviser, is sole director of Sydney-based QWL Ltd Pty and QWL Asset Management (together, QWL).
The regulator gained consent orders and undertakings from the court on Monday, limiting Mr Hopkins and QWL from dissipating or diminishing the value of their assets and providing financial services to clients without seeking prior ASIC approval.
ASIC had commenced an investigation in relation to claims that Mr Hopkins and QWL had failed to assist the Australian Financial Complaints Authority (AFCA) to resolve client complaints. The inquiry is still ongoing.
The matter is scheduled to return before the Supreme Court of NSW on 18 November.
It just goes to show that its hard to to see dishonesty in others sometimes. I knew Ross personally and he came across as professional, decent and a well mannered North Shore guy. He even told me once years go that he refunded a client fully on a bad investment even though didn’t have to…he made a particular point about it giving the impression how good he was. I liked him actually but had no direct contact for a few years before all this went down..
[quote=Adam]The AFSL is the AFCA member, not the Adviser. In what capacity does the adviser have their personal assets frozen? As shareholder or director or responsible manager or authorized rep of the AFSL? On what basis is the corporate veil (separate legal entity status) of the AFSL peirced? What is next, the spouse of the Adviser having assets frozen? What about mere employees? This is a very concerning practice.
Hi Adam,
Just look up the fin adviser register and look him up. they aren’t going to find any assets of anyone. they can pierce whatever they want there won’t be anything behind the veil. it’s just a court order, they have to find assets first.
But that is not the point Adam was trying to make. The AFSL is directly responsible with assisting AFCA to resolve client complaints, not the adviser. Logically it should be the AFSL’s assets that should be frozen.
The AFSL is the AFCA member, not the Adviser. In what capacity does the adviser have their personal assets frozen? As shareholder or director or responsible manager or authorised rep of the AFSL? On what basis is the corporate veil (separate legal entity status) of the AFSL peirced? What is next, the spouse of the Adviser having assets frozen? What about mere employees? This is a very concerning practice.
Wonder if they’ll be freezing the assets of the parties fronting the Royal Commission and shown to be wanting….. AMP CBA executives…… or even FPA CEO Dante De Gori?
they are gonna find out, there are no assets.
Good onya ASIC!! If they don’t co-operate, stick it to ’em!!
Just like they have to AMP, the banks and unlicensed accountants. I don’t disagree with your comment but it looks like chasing the little fella and letting the big ones get away.