The Federal Court has ordered La Trobe Asset Management to pay a significant penalty for false or misleading advertising regarding a credit fund.

Formal complaints have been filed against ASIC in response to the regulator’s contempt of court allegations regarding Mayfair 101.

ASIC has filed a contempt application against a Mayfair 101 director who allegedly breached court orders related to raising funds via financial products.

Advisers have been given directions for when and how they can use a record of advice as part of ASIC’s effort to reduce the cost of advice.

ASIC has moved to shut down an unlicensed financial services business it claims misused funds from SMSFs for its own benefit.

Investment company Mayfair 101 Group has used a penalty hearing to challenge a $12 million fine issued to it after an ASIC investigation.