AFSL holder requests licence cancellation
An Australian Financial Services Licence (AFSL) holder has had its licence cancelled at its own request, two months after the Australian Securities and Investments Commission (ASIC) suspended it.
Narrow Lane Investments Pty Ltd's AFSL was suspended for four months, on 10 August, due to concerns that it had:
- Failed to comply with the "key person" conditions on its AFSL;
- Did not have adequate financial and human resources;
- Did not have the competence to provide the services cover by its AFSL; and
- Failed to provide breach notifications to ASIC relating to the above breaches.
AUTHOR
Nicholas O'Donoghue
Recommended for you
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
More than 30 advisers fell off the FAR during the Christmas and New Year period, according to Wealth Data, with half of these coming from licensee giant Entireti.
With next-generation heirs unlikely to retain their family’s financial advisers after receiving an inheritance, Capgemini has explored how firms can work with younger generations to maintain a relationship.
The use of technology and data analytics will be a way for advice firms to grow in 2025, according to Adviser Ratings, with those who are using it successfully reporting 10 per cent higher profit margins.
