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
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
