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
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
