ASIC suspends boutique AFSL
The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services licence of Sydney based Australian Performance Financial Planning (APFP) for three months.
The suspension resulted because the company has been put under the control of an external administrator, which was put in place in February this year, ASIC stated.
ASIC said it will review the suspension within the three-month period to determine if it is still necessary. APFP has the right to lodge an appeal with the Administrative Appeals Tribunal.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.