ASIC has been investigating the marketing to retail investors of structured products for several years. The EU with HSBC follows an Afternt which raised conduct and disclosure concerns about the advice provided by 10 licensees in relation to retail structured products.
After three years monkeying around, and using dispicable EU's, ASIC said advisers were:
Count Financial, FSS Advisory, Genesys Wealth Advisers, HSBC, Madison Financial Group, MASU Financial Management, Meritum Financial Group, Sentry Financial Services and Westpac Banking Corporation.
It is understood remediation action may be brought against two of the above firms but the regulator is not able to confirm which ones given negotiations are continuing.
ASIC said HSBC had "worked constructively with ASIC in relation to its enquiries and this enforceable undertaking".
REMEDIAL ACTION MAY BE TAKEN??????? REGULATOR ASIC NEEDS THE CHOP! CONSTANTLY CLUELESS and panders to the ELITES!