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.

Background

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.

Editor's note:

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.

Editor's note 3:

On 12 November 2020, ASIC, with Mr Hopkins’ and QWL’s consent, obtained orders that the hearing listed for 16 November 2020 be vacated, and the matter be relisted on 23 November 2020.  

On 19 November 2020 (prior to the matter returning to court on 23 November), ASIC, with Mr Hopkins’ and QWL’s consent, obtained an additional extension of the asset preservation and financial services restraint orders against Mr Hopkins and QWL until 29 March 2021, with a Directions Hearing listed for 22 March 2021 at the Supreme Court of New South Wales.

Editor's note 4:

On 19 March 2021 (prior to the matter returning to court on 22 March 2021), ASIC, with Mr Hopkins’ and QWL’s consent, obtained an additional extension of the financial services restraint orders against Mr Hopkins and QWL until 27 September 2021, with a Directions Hearing listed for 20 September 2021 at the Supreme Court of New South Wales.

Editor's note 5:

At the directions hearing on 20 September 2021, ASIC obtained an order dismissing the financial services restraint orders against Mr Hopkins and QWL. ASIC has permanently banned Mr Hopkins from providing financial services or controlling an entity carrying on a financial services business (21-252MR).