ASIC permanently bans AFSL director
The corporate regulator has permanently banned the former director of an NSW licensee after he was convicted on seven counts of dishonest conduct.
According to ASIC, Timothy Charles Pratten was the director of insurance broking company Practical Insurance Claims and licensee Rural & General Insurance Broking.
He was banned after being convicted on seven counts of dishonestly obtaining a financial advantage from the Commonwealth by deception. The conviction followed an investigation by the Australian Taxation Office, which found that Mr Pratten had failed to declare $5 million of income.
On 29 April 2016, Mr Pratten was sentenced to five years in jail with a two-year non-parole period.
He is also automatically disqualified from managing corporations.
Mr Pratten has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Advice community needs to challenge political thinking
Peter Johnston has told ifa that the advice community needed to stand up to its ...
Advisory backs removal of grandfathered commissions
A major financial advisory firm has backed the removal of grandfathered commissi...
XPLAN leads planning software rankings
XPLAN has taken the top spot in Australian planning software benchmark rankings ...