ASIC imposes restrictions on former financial adviser

The Australian Securities and Investments Commission (ASIC) has enforced a court-enforceable undertaking against Shivdeep Jaidka, a former financial adviser from Melbourne, for non-compliance in self-managed superannuation advice.

ASIC’s review and action

After a detailed review of the financial services provided by Shivdeep Jaidka, ASIC identified failures to comply with critical sections of the Corporations Act regarding self-managed superannuation advice.

To address these issues, Jaidka has agreed to a five-year prohibition from engaging in any financial services business, providing financial services, or acting in a managerial capacity within any entity associated with financial services.

Background and ASIC’s stance

ASIC uses court enforceable undertakings to promote compliance with the law, emphasising that such undertakings serve not only as an alternative to enforcement actions but can also complement them.

ASIC’s acceptance of a court-enforceable undertaking typically requires admissions of legislative contraventions by the involved party, with a commitment to enforcing these undertakings through court action if necessary.

See the ASIC media release here.

For other recent stories of court-enforceable undertaking accepted by ASIC, click here and here.

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