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ASIC takes court action to enforce enforceable undertaking
The Australian Securities and Investments Commission (ASIC) has taken the unusual step of pursuing civil proceedings in the Federal Court to enforce the terms of an enforceable undertaking on a Gold Coast-based self-managed superannuation fund (SMSF) accountant.
ASIC has taken the step because the accountant, Jenan Oslem Thorne of Saber Superannuation Pty Ltd has allegedly failed to comply with the terms of a court-enforceable undertaking to provide information, including a copy of ASIC’s media release, to each client that she provided personal advice to while an authorised representative (AR) of SMSF Advice Pty Ltd, and to notify ASIC in writing whether she had written to each client as required.
The regulator is alleging that Thorne took deliberate steps to reduce the likelihood that her clients would receive the written information required by the enforceable undertaking and cited Thorne directing that the letters not be sent to some clients that had made complaints about the company and other letters sent to client addresses from expired driver’s licenses.
ASIC said it was seeking orders from the Federal Court direct Thorne to comply with the relevant terms of the enforceable undertaking which was entered into in February, last year, preventing Thorne from providing financial services for a period of three years.
It said this followed an investigation that found Thorne had failed to act in the best interests of her clients and had prioritised her own interests above her clients’ interests.
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