ASIC obtains freezing orders against Sydney financial adviser Ross Andrew Hopkins, QWL and QWL Asset Management.

On 4 November 2019, Australian Securities and Investments Commission (ASIC) obtained consent orders and undertakings in the Supreme Court of New South Wales against Mr Ross Andrew Hopkins, QWL Pty Ltd and QWL Asset Management Pty Limited (together, QWL), restraining Mr Hopkins and QWL from:

  • dissipating or diminishing the value of their assets; and
  • providing financial services to clients without seeking prior approval from ASIC.

ASIC commenced an investigation in relation to allegations that Mr Hopkins and QWL failed to assist the Australian Financial Complaints Authority (AFCA) to resolve client complaints.  ASIC’s investigation into Mr Hopkins and QWL is continuing.

The matter is scheduled to return before the Supreme Court of New South Wales on 18 November 2019.

Information for clients of QWL

Reports of concerns or misconduct in relation to the activities of QWL can be lodged via the ASIC website.

Complaints can also be lodged through AFCA via the AFCA website.

ASIC’s MoneySmart website has useful information for consumers about how to complain about a financial adviser.

Background

QWL Pty Ltd (ACN  096 284 383) is the registered holder of Australian Financial Services Licence number 240700 (the AFS Licence) and operates from offices in Sydney.

Mr Hopkins is the sole director of QWL Pty Ltd.

Source: © Australian Securities & Investments Commission. Reproduced with permission