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.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.