ASIC cancels Austplan’s licence

australian-securities-and-investments-commission/ASIC/Australian-financial-services-licence/financial-services-licence/AFS/compliance/self-managed-superannuation-funds/SMSFs/super-funds/superannuation-funds/Australian-Financial-Complaints-Authority/AFCA/deputy-chair/peter-kell/cancellation/

25 October 2018
| By Oksana Patron |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) of Austplan effective from 25 November due to concerns around the firm’s ability to ensure that advice provided was compliant.

The regulator stressed that its surveillance found “deficiencies in the financial services provided by a number of Austplan representatives, including their failure to act in the best interest of their clients in relation to establishing self-managed superannuation funds (SMSF)”.

Following this, Austplan would be required to comply with conditions such as maintaining its current professional indemnity insurance policy until the cancellation takes effect and its membership of Australian Financial Complaints Authority (AFCA) until all consumer complaints were resolved.

Additionally, the company would have to submit the required financial statements with ASIC and retain all materials relating to personal advice provided by its representatives.

ASIC’s deputy chair, Peter Kell, said: “AFS licensees have an obligation to ensure that their representatives are adequately trained and competent to provide financial services that are in their clients’ best interest”.

“ASIC will take action where we see licensees not properly supervising their representatives.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 2 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

1 week 6 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

2 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND