Licence cancelled for Qld firm
Queensland-based financial services firm Fentborough has seen its Australian financial services licence (AFSL) cancelled for failing to lodge documentation.
The Australian Securities and Investments Commission (ASIC) said the firm had failed to lodge its annual accounts and compliance certificates for the financial years ending June 2019 and June 2020.
It also failed to maintain membership with the Australian Financial Complaints Authority (AFCA).
These three factors were all legal obligations required to hold an AFSL under the Corporations Act.
The firm, which had held an AFSL since May 2016, was no longer operating as a financial services business or did not intend to do so in the foreseeable future.
It could apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
AUTHOR
Laura Dew
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
