Corporate regulator scheduled to appear after key witness collapsed in dock on Thursday

Asic has taken just one criminal action against any licensee in 10 years – in 2010.

“We’d usually look at the conduct of the individuals who were behind that licensee,” says Macauley in explanation.

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The two entities suspended were solely over giving poor financial advice.

They were suspended for six and eight weeks respectively, resulting in advisors being unable to provide advice during that period.

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