Australian Securities and Investments Commission v Monarch FX Group Pty Ltd, in the matter of Monarch FX Group Pty Ltd [2014] FCA 1387

Australian Securities and Investments Commission v Monarch FX Group Pty Ltd, in the matter of Monarch FX Group Pty Ltd [2014] FCA 1387

Monarch FX contravened ss 911A and 911B of the Corporations Act by carrying on a financial services business (including MDA services and superannuation advice) in Australia without holding or being properly authorised under an AFSL. Mr Hunter, as General Manager and former director, was knowingly concerned in and...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
17 December 2014
Procedural Posture
Civil / Final Judgment After Hearing on Declaration and Injunctive Relief
Outcome
Declarations made; defendants restrained from carrying on a financial services business for four years; no order as to costs.
Legal Topics
['australian Financial Services Licence (afsl)' 'managed Discretionary Account Services' 'contraventions of Corporations Act 2001 (cth) Ss 911 a and 911 B' 'injunctions Under Corporations Act Ss 1324, 1101 B' 'provision of Financial Advice in Relation to Superannuation Funds' 'directors and Officers Liability']
['corporations Law' 'financial Services Law'] ['australian Financial Services Licence (afsl)' 'managed Discretionary Account Services' 'contraventions of Corporations Act 2001 (cth) Ss 911 a and 911 B' 'injunctions Under Corporations Act Ss 1324, 1101 B' 'provision of Financial Advice in Relation to Superannuation Funds' 'directors and Officers Liability']

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Procedural Posture

Civil / Final Judgment After Hearing on Declaration and Injunctive Relief

Legal Issues

  1. 1 ['Whether Monarch FX contravened s 911A of the Corporations Act by carrying on a financial services business without holding an AFSL' 'Whether Monarch FX contravened s 911B of the Corporations Act by providing financial services on behalf of another person without appropriate authorisation' 'Whether advice and arrangements regarding self-managed superannuation funds constituted provision of financial product advice and dealing for which an AFSL is required' 'Mr Hunter’s personal involvement and liability for Monarch FX contraventions']

Ratio Decidendi

Monarch FX contravened ss 911A and 911B of the Corporations Act by carrying on a financial services business (including MDA services and superannuation advice) in Australia without holding or being properly authorised under an AFSL. Mr Hunter, as General Manager and former director, was knowingly concerned in and involved in these contraventions. Consequently, declarations and financial services disqualification orders for four years were appropriate to protect the public interest, given the scope and seriousness of the unlicensed conduct.

Court Disposition

Declarations made; defendants restrained from carrying on a financial services business for four years; no order as to costs.

Orders

  • ['Declaration that Monarch FX contravened ss 911A and 911B of the Corporations Act between 19 November 2012 and 2 September 2014 by carrying on a financial services business without an AFSL and providing financial services without proper authorisation.' 'Order restraining Monarch FX Group Pty Ltd for four years from...