NSW advice firm sees AFSL cancelled
NSW-based RPD Group Advice has seen its Australian financial services license (AFSL) cancelled by ASIC this month for failing to pay an AFCA determination.
This follows a payment of compensation by the Compensation Scheme of Last Resort (CSLR).
According to ASIC, the Australian Financial Complaints Authority (AFCA) made a determination against RPD Group on 12 July 2024, which the group failed to pay.
The CSLR subsequently paid $62,421.00 to a person for the AFCA determination on 13 November 2024 and notified ASIC.
ASIC cancelled RPD Group’s AFS license on 21 November 2024.
Where the CSLR pays compensation to an eligible consumer in relation to an AFCA determination and notifies ASIC of the details of the firm that failed to pay the compensation, ASIC must cancel the AFS licence or credit licence of the firm.
Earlier this month, NSW firm DOD Bookkeeping formerly known as Equiti Financial Services saw its AFSL cancelled following a CSLR payment.
The AFSL of Libertas Financial Planning was also cancelled following a CSLR payment earlier this year.
AUTHOR
Rhea Nath
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