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.
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AUTHOR
Hannah Wootton
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