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ASIC

Warns on fixed interest risks

Amid concentrated promotional campaigns for high return fixed interest investments, ASIC has reminded investors to watch out for the different levels of risk attached to fixed interest investments.

While fixed interest investments are generally seen as lower risk, with failures uncommon, different fixed interest investments offered different returns and different levels of risk, ASIC has warned.

Capital could still be lost.

ASIC is concerned some advertising for such investments could contain inappropriate comparisons with term deposits.

Fixed interest rate investments include:

Sees ban term reduced

The Administrative Appeals Tribunal has varied an ASIC banning order against Peter Rocky Errichetti.

In July last year, Mr Errichetti was banned from being involved in the management of any corporation for two and a half years, by the Australian Securities and Investments Commission.

The AAT has now reduced the term of the ban order, from two and a half years to one year, with expiry now being July 11 this year.

Mr Errichetti was disqualified following an ASIC investigation into the liquidation of Cabcar Pty Ltd and Swan River Timber Co Pty Ltd, two companies of which he was a director.

The AAT was satisfied that Mr Errichetti had failed to observe the minimum standards of directorial responsibility on the grounds identified in the findings made by ASIC, but deemed a 12-month ban appropriate.

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