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
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