On Friday, ifa exclusively reported that ASIC has been successful in seeking interim orders in the Federal Court of Australia in Queensland that placed a number of restrictions on Linchpin Capital, including a prohibition on providing financial advice and promoting and trading financial products.
However, despite the interim orders, Linchpin executive director Peter Daly has made clear there will be no adverse impact for the Linchpin licensees Beacon Group, Risk and Investment Advisers Australia (RIAA) and Libertas, which have a combined adviser network of more than 150.
“Whilst some restraints are in place, these only relate to Linchpin and Endeavour,” said an email from Mr Daly to stakeholders, seen by ifa.
“It is business as usual for the other entities within the group, specifically Beacon and our licences. In fact the court and ASIC made clear during the hearing on 24 July that they were not seeking any relief as against those other entities.”
Mr Daly emphasised that these are only interim orders and that the court is yet to make a final judgment in its broader dispute with ASIC.
He previously expressed concerns with the corporate regulator’s approach to the matter, vowing that Linchpin would vigorously defend the charges.
ASIC commenced proceedings against Linchpin and its Endeavour Securities subsidiary earlier this month after an investigation found it was operating a managed investment scheme without the appropriate licence.
Of note the Adviser who featured on Four Corners last week is stationed now with one of the Linchpins entities, RIAA. …
I saw that program and the adviser you allude to was not being grilled for poor advice. Only explaining how he felt pressured to use AMP in-house products. Nothing to do with his current Licensee.
It’s about time the law caught up with this mob, absolute crooks. We had a staff member in our practice that spent a bit of time in a Beacon business. Their model was to have the SoA for Aged Care advice presented in the same meeting as the initial contact, and they were expected to see 30 a week.
Sorry dont believe this comment, the amount of data needed for Aged Care calculations alone would make it impossible to do the SOA in the same meeting
If the advice was limited to Aged Care and the advice was sound, then I don’t have a problem with that at all. In a perfect world, that’s the sort of model we should all be working towards. Most of us are a long way off at the moment due to ASIC’s extreme regulations. But in the future, with better leadership at ASIC and technological improvements, maybe we could all get to that point someday.
Is that the same ‘business as usual’ email that was given to Dover advisers after the RC??
However if you are AMP you can misrepresent for years & no action?
Maybe someone needs some notches on their gun to make it look like they are doing something?
Bit like Anthony Mundine fights.
Don’t pick a fight with anyone who is bigger than you.