ASIC punishes Solar for licensee oversight
The Australian Securities and Investments Commission (ASIC) has cancelled the licence of a Sydney-based financial advisory firm following surveillance into potential issues of licensee oversight.
The regulator found that Solar Financial Advisory had failed to manage conflicts of interest, ensure its representatives complied with financial services laws, properly monitor and supervise its representatives, conduct audits, and adequately manage its internal dispute resolution process.
Solar appointed a liquidator following these findings, with the licence cancellation effective from 21 November, this year.
<p><p><p><p><p><p>
AUTHOR
Hannah Wootton
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
