Hathway blasts ASIC statement on VU

Helm Advisory's Stephen Hathway
Photo: SiN Images

HELM Advisory founder Stephen Hathway was in a somewhat indignant state when SiN called last night to get the skinny on his recent brush with the compliance cops.

Around midday yesterday ASIC released a statement advising that Hathway had given the regulator a voluntary undertaking (VU) to implement firm-wide training at Helm Advisory, the firm Hathway founded in October last year after being axed from SV Partners.

Since SiN broke the story of his departure from SV in September, it's been unclear what caused the falling out between Hathway and SV managing director Terry Van Der Velde. But an unfavourable ASIC compliance review that could be laid at Hathway's feet might explain it.

When contacted, Hathway was more interested in attacking the wording of ASIC's press release, pointing out that despite the compliance failures identified taking place while he was at SV Partners, the ASIC statement makes no mention of his former firm.

"This is appalling because the firm (Helm Advisory) only started in October (2015) and the offences that've been represented in this report were all related to SV Partners," he said.

"I think it's a terrible misleading statement by ASIC but I can't do anything about it."

AFSA and ASIC renew MOU

Veronique Ingram
Photo: AFSA 

AFTER 12 years ASIC and AFSA have renewed their vows, signing a memorandum of understanding (MOU) that replaces a previous arrangement entered into by the regulators of corporate and personal insolvency in April 2002.

The new MOU is designed to facilitate the exchange of information and ensure appropriate referral of relevant matters between the two agencies.

It is also intended to promote cooperation in the areas of compliance, education and enforcement by obliging the regulators to share information when it would make sense to do so and allows for the establishment of  joint task forces when and where appropriate.

In promoting a spirit of cooperation one would’ve thought should have already existed, the MOU requires that ASIC and AFSA liaise in regards to operational and policy matters, liaising being defined for the purposes of the MOU as, among other things, a minimum two meetings a year.

ASIC's John Price
Photo: Flickr

Like a good pre-nup the new MOU’s goals are judiciously curtailed by indistinct and ambivalent legalese, best exemplified by the phrases “best endeavours”, “where appropriate” and “subject to each agency’s obligations at law”.

The new MOU came into effect on September 30, 2014 and is signed by the Inspector General in Bankruptcy Veronique Ingram and ASIC Commissioner John Price. See for yourself: MOU between AFSA and ASIC - September 2014

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