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.
Recommended for you
While the August financial advice exam saw a lower pass rate of 62 per cent compared with 70 per cent in previous sittings, this expert believes it’s for a positive reason.
With the FY24 reporting season behind us, five major financial advice licensees are looking to achieve growth either through inorganic activity or internal expansion.
An alleged involvement with an insurance claims business has led the Federal Court to vary the orders of a banned adviser to add the threat of jail time.
The investment platform has announced several improvements, enabling advisers to create more bespoke solutions for clients as well as further exclusion options.