ASIC cancels AFS licence for Sydney firm
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Sydney-based firm, Grey Oak Services for failing to lodge its financial statements and auditor’s reports.
According to ASIC, the company did not lodge the reports for the 2013, 2014, 2015 and 2016 financial years.
The cancellation of Grey Oak Services’ AFS licence was part of ASIC’s ongoing efforts to improve standards across the industry.
ASIC said that Grey Oak Services obtained its licence in January 2013 and since then the company had failed to lodge the respective reports.
AUTHOR
Oksana Patron
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
