The Australian Securities and Investments Commission (ASIC) has taken court action to ensure a Gold Coast-based accountant complies with the terms of an enforceable undertaking (EU) related to SMSF advice, which prevent her from providing financial services until early 2022.
The regulator stated it had commenced civil proceedings in the Federal Court against Jenan Oslem Thorne (also known as Cenan Thorne or Cenan Dikmen) of Saber Superannuation and alleged she failed to adequately notify clients of the imposition of the EU.
The EU, which ASIC accepted from Thorne on 13 February 2019, prevented her from providing financial services for a period of three years, and followed an investigation that found she had failed to act in the best interests of her clients and had prioritised her own interests above her clients’ interests by receiving referrals from a property group in relation to establishing SMSFs.
In bringing the court action, ASIC specifically alleges Thorne did not provide the EU-related information to each client that she had provided personal advice to while an authorised representative of SMSF Advice Pty Ltd and did not notify the regulator in writing whether she had written to each client as required.
“ASIC alleges that Ms Thorne took deliberate steps to reduce the likelihood that her clients would receive the written information required by the EU,” it said.
“For example, ASIC alleges Ms Thorne directed that the letters not be sent to some clients that had made complaints about the company and other letters be sent to client addresses from expired driver’s licences.”
ASIC is seeking orders from the Federal Court directing Thorne to comply with the relevant terms of the EU.
