ASIC cancels 10 licences at close of year
The Australian Securities and Investment Commission (ASIC) has concluded the past year with a spate of financial services licence cancellations with a total of 10 licences cancelled in the last working week before Christmas.
The cancellations come from across the financial services sector and include the licensee of a superannuation fund, two investment groups, an investment fund, a security dealer and licences held by planning groups.
Each of the licences were voluntarily cancelled under section 915B of the Corporations Act without any suggestion of improper behaviour in the cancellations.
Most notable is that of Coal Industry Superannuation Board and boutique investments groups Hermes Fund Managers and Turner Investment Partners.
The cancellation of a licence does not necessarily result in the conclusion of a business with a number of the cancellations the result of mergers or changes in the activities of licensees.
The full list of cancelled licences in the week leading up to December 23 last year are: Coal Industry Superannuation Board, Hermes Fund Managers (Australia) Pty Ltd, Turner Investment Partners (Australia) Pty Ltd, Investec Wentworth Private Equity Ltd, Peter Mueller & Associates Pty Ltd, Cedric George Holland (individual licensee), ACN 072 760 279 (formerly known as Elston Assure Pty Ltd), Blueridge Enterprises Pty Ltd, Allfreight insurance Brokers Pty Ltd, Primary Consulting Services Pty Ltd and Createnergy Pty Ltd
AUTHOR
Jason Spits
Recommended for you
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
Australian licensees are expected to make greater use of custom model portfolios for their clients, according to State Street Investment Management, following in the footsteps of US peers.
Adviser Ratings has argued that it’s time for more advisers to utilise digital engagement tools available to them as a disconnect grows between consumers seeking advice from finfluencers and from professionals.
