The Australian Securities and Investments Commission has commenced Federal Court proceedings in Perth against Michael Andersen, John Pizzey and Iplus Risk Management Pty Ltd. These proceedings follow an ASIC investigation regarding the conduct of Iplus. ASIC alleges that Iplus, Mr Andersen and Mr Pizzey carried on a financial services business without holding an Australian financial services licence, in contravention of the Corporations Act. ASIC is seeking declarations and orders from the Federal Court preventing Iplus, Mr Andersen and Mr Pizzey from operating, or being involved in the operation of, a financial services business without a licence. ASIC is also asking the Court to void all contracts of insurance between Iplus and specific policy holders. Mr Andersen, Mr Pizzey and representatives of Iplus failed to appear at a hearing in the Perth Federal Court yesterday. The Court has ordered ASIC to advise the defendants that they have 14 days within which to file an appearance, failing which a judgment may be entered against them. The matter is due to return to Court on 26 April 2006.
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