The Pawski EU

An enforceable undertaking (EU) obtained from Darren Pawksi by ASIC provides that he cannot:

■ exercise or attempt to exercise any influence over WealthSure or WealthSure FS’s shareholders or new senior executives;
■ provide financial services;
■ have any involvement or exercise any influence in key decisions of an AFS licensee;
■ take part in the management of any AFS licensee;
■ have any involvement or exercise any influence in any key decision-making by WealthSure, as it relates to credit activities; or
■ take part in the management of WealthSure or WealthSure FS, as it relates to credit activities.

Source: ASIC

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Balance of power shifting back to licensees

Balance of power shifting back to licensees

Under Australian law, financial advice licensees are recognised as powerful intermediaries between the distribution of financial products and household wealth. Now, licensees are starting to enjoy economic conditions commensurate with that heightened liability.

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