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
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
