Skip to content
8 March 2014
The Australian Securities and Investments Commission (ASIC) has suspended the financial services (AFS) licence of Southpoint Insurance Brokers, of Menai, NSW.
The regulator suspended the licence for seven months after a surveillance operation.
It says Southpoint breached its legal obligations and licence conditions by failing to maintain sufficient base level financial requirements to pay all debts as and when they became due, and by failing to hold at least $50,000 in surplus liquid funds when holding client money or property over $100,000.
ASIC also alleges the brokerage failed to operate its trust account in accordance with financial services laws and also failed to lodge financial statements and auditors’ reports by the due date.
“People look to insurance brokers, like other financial service providers, for help in securing services with which they are often unfamiliar, and in doing so place significant trust in those professionals,” ASIC Commissioner Peter Kell said.
“Clients should have confidence that such gatekeepers are fully complying with their legal obligations and the conditions of their AFS licence when dealing with their money.
“As we have done with Southpoint, ASIC will act to remove licensees that fail to meet these requirements.”
7 March 2014
Apply your demonstrated claims management abilities to deliver exceptional service in this customer focused role.
5 March 2014
Our client is an established financial, accounting and insurance services organisation operating in the West Australian market for 28 years.
27 February 2014
Actuate Insurance Broking Pty Ltd located in central Bendigo, offers exciting opportunities to suitably qualified individuals.
26 February 2014
Join a national firm as a Authorised Rep "Partner" with facilities you should get but perhaps don't currently receive - read on...
24 February 2014
Brilliant opportunity for a bright, outgoing, ambitious Assistant Underwriter to progress quickly to a corporate production underwriter role!
18 February 2014
IBG Insurance Brokers seeks expressions of interest from professional individuals interested in joining a boutique general insurance broking house based in Hawthorn Victoria, whilst enjoying the full flexibility of running your own business.