ASIC takes action on two Qld AFSLs
ASIC has taken action on two Queensland-based AFSLs, one receiving a suspension and one seeing their licence cancelled.
Responsible Entity Services Limited, based in Meadowbrook, Queensland, has seen its licence suspended by the corporate regulator until 11 June 2025.
This was due to the firm being under external administration. On 26 March 2024, Responsible Entity Services was placed into voluntary administration, with Rachel Burdett and Barry Wight of Cor Cordis appointed as administrators.
While the licence has been suspended, ASIC said the administrators are allowed to conduct the following necessary activities under the Corporations Act:
- Transferring the schemes to a new responsible entity
- Investigating or preserving the assets and affairs of the schemes
- Winding up the schemes
According to ASIC Connect, the firm was formerly known as Investors Exchange Ltd, Investaguard Ltd, No Limit Capital Ltd and Dean Capital Ltd in the past.
ASIC has the power to suspend or cancel an AFS licence held by a Chapter 5 body corporate including a body corporate that is under administration.
Secondly, ASIC has cancelled the AFSL of Haywards Audit Pty which took place on 7 June as the firm is no longer carrying on a financial services business. The firm was based in Lutwyche, near Brisbane.
Under the Corporations Act, ASIC may cancel an AFS licence held by a body corporate if the body ceases to carry on a financial services business.
Both firms may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
AUTHOR
Laura Dew
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
Financial planner is just another name for an ex used car dealer
And that is news?