The Australian Securities and Investment Commission has stopped two unlicensed companies in Queensland from selling insurance and providing financial services.

It obtained orders in the Queensland Supreme Court against Sport & Events Promotions and Prize Promotions, which breached the Corporations Act by providing prize indemnity – insurance that covers the promoters of events in which participants can win a prize.

The court found the sole director, Anna Bennett, aided and abetted the companies in breaching the Act. Ms Bennett and the companies admitted the breach.

The court ordered the companies to stop selling insurance and providing financial services without holding a financial services licence or being authorised by a licensee.