ASIC obtains compliance orders for court enforceable undertaking

The Federal Court made orders yesterday, 11 March 2021, compelling Gold Coast accountant Jenan Oslem Thorne (also known as Cenan Thorne or Cenan Dikmen), of Saber Superannuation Pty Ltd, to comply with the terms of a court enforceable undertaking (CEU) that she previously entered with ASIC.

Ms Thorne first entered into an CEU with ASIC on 13 February 2019, following an ASIC investigation that found she failed to act in her clients’ best interests and that she prioritised her own interests above those of her clients (19-034MR).

On 17 November 2020, ASIC commenced civil proceedings against Ms Thorne, alleging that she took deliberate steps to avoid compliance with the CEU (20-295MR).

After ASIC filed these proceedings, Ms Thorne agreed to orders requiring compliance with the CEU.

The Court also ordered that Ms Thorne correspond with relevant consumers to provide them with information regarding the CEU, including a copy of ASIC’s previous media release, and to notify ASIC of her compliance with the orders.

ASIC Commissioner Danielle Press said, ‘ASIC first took action in this matter because the law requires that financial advisers act in their clients’ best interests. Those providing financial services must not prioritise their own interests or simply implement client instructions.

‘Individuals and organisations entering into court enforceable undertakings with ASIC have binding obligations that must be met to ensure compliance. ASIC will not hesitate to take action against those who don’t comply with their obligations.’

The Court also ordered that Ms Thorne pay $16,529.78 for ASIC’s costs of the proceeding.

Download the judgment.

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