Romad gets a lifeline
Melbourne-based Romad Financial Services (RFS) has had a decision by the Australian Securities and Investments Commission (ASIC) to cancel its licence stayed by the Administrative Appeals Tribunal (AAT).
ASIC cancelled RFS's Australian financial services licence on 19 October 2011. The decision was made because RFS had failed to ensure its authorised representatives had complied with financial services law, and because it had failed to lodge various annual statements and auditors' reports with ASIC.
Following successful arguments by RFS in an interlocutory hearing, the AAT granted a stay on the cancellation of RFS's licence until the determination of the review.
The stay is subject to a number of conditions until the final determination is made by the AAT. RFS is barred from authorising any new authorised representatives; current authorised representatives must not engage any new clients; RFS must maintain its professional indemnity insurance; and RFS's professional indemnity insurer must be made aware of any complaints made against it.
ASIC has yet to make any findings about the conduct of any RFS authorised representatives.
Recommended for you
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
South Australian financial advice and accounting business Perks has extended its paid parental leave program from 12 to 26 weeks, putting it on par with big four firms.
Mason Stevens has tapped Investment Trends’ head of growth, alongside two other hires, to bolster its distribution team.
