ASIC cancels licence of Noosaville-based practice
The Australian Securities and Investment Commission (ASIC) has cancelled the Australian financial services (AFS) licence of financial advice firm Ferguson No 2 Pty Ltd (Ferguson).
Previously operating under the name 21st Century Investment Services Pty Ltd, Ferguson was licensed to provide general advice and dealing services to retail and wholesale clients in managed investments, securities and superannuation.
In its investigation, ASIC found the firm to be in breach of the conditions of its AFS licence as well as the 'Corporations Act 2001'.
The regulatory body determined that the company failed to appoint a registered company auditor, failed to lodge annual audited financial statements and auditor's reports, failed to notify ASIC of significant breaches, and did not have adequate compliance measures in place to ensure that the company adhered to financial services laws.
In light of the ruling, ASIC commissioner Peter Kell has encouraged all AFS licensees to consider whether they need to review and raise their own compliance standards.
Ferguson has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
AUTHOR
Andrew Tsanadis
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