Advice businesses who went down owing AFCA

4 September 2019
| By Mike |
image
image
expand image

Most of the financial advice companies named by the Australian Financial Complaints Authority (AFCA) as having failed to pay complaint-related charges had already been named and dealt with by the Australian Securities and Investments Commission (ASIC).

The Authority this week named 29 member firms which it said owed a combined total of $1.745 million in outstanding charges, but the likelihood of the firms paying or worrying about breaching their AFCA membership requirements seems remote in circumstances where most are already out of business.

Most notable among those named was Dover Financial Advisers which closed its doors in controversial and still-disputed circumstances last year while others such as Jade Capital Partners had its license cancelled by ASIC in January and MacKellar Financial Services had its licence cancelled in April and Australasia Wealth Service and Management had its licence cancelled in June, this year.

Halifax Investment Services, which was also named in the AFCA list, went into administration late last year with its AFSL having been suspended until January, 2020 while the company owning one of the largest amounts, Over The Counter Derivative issuer, Berndale Capital Securities had its license cancelled in November 2018. ACFA showed it as owing $364,230.

However, still in operation and shown as owing $157,755 was Equitable Financial Solutions, as was North Sydney-based financial planning outfit, QWL was shown as owing $16,515.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago