Wholesale service provider AFSL cancelled
Gold Coast-based wholesale service provider, TMK Index Limited, has had its Australian financial services license withdrawn by the Australian Securities and Investments Commission (ASIC) after failing to comply with key obligations including breach notifications, lodgement of account details and competency regarding staffing arrangements.
ASIC reminded wholesale managers to comply thoroughly with license obligations off the back of the TMK compliance breach, which also included failure to meet Net Tangible Asset requirements.
Commissioner, Greg Tanzer, said that the financial system should retain customer confidence perpetually, stating that ASIC would continue to take action against those failing to abide by agreed terms and conditions.
"ASIC takes compliance with these obligations seriously, as they are important to ensure we have efficient well-functioning financial markets," he said.
"ASIC can and does hold gatekeepers to account to ensure investors can have confidence in our financial system."
AUTHOR
Hope William-Smith
Recommended for you
Grant Hackett has been promoted from CEO of Generation Life to head up the wider Generation Development Group.
Tribeca Investment Partners has made a distribution hire from Australian Ethical in a newly-created role focused on the national intermediary market.
Asset managers may be urged to diversify their product ranges, but investment executives have warned any M&A deal should avoid simply filling gaps and instead consider long-term value creation.
Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equity firm.
