ASIC media releases are point-in-time statements. Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters.
19-300MR ASIC obtains freezing orders against Sydney financial adviser Ross Andrew Hopkins, QWL and QWL Asset Management
On 4 November 2019, 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.
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.
On 18 November 2019, ASIC, with Mr Hopkins’ and QWL’s consent, obtained an extension of the orders and undertakings against Mr Hopkins and QWL until 25 May 2020, at which time the matter will return to court. ASIC's investigation into Mr Hopkins’ and QWL’s conduct is continuing.
Editor's note 2:
On 14 May 2020, ASIC, with Mr Hopkins’ and QWL’s consent, obtained an additional extension of the orders and undertakings against Mr Hopkins and QWL until 16 November 2020, at which time the matter will return to court. ASIC's investigation into Mr Hopkins’ and QWL’s conduct is continuing.