Sydney advice firm sees ASIC’s first 2024 licence cancellation
ASIC has cancelled the Australian financial services licence (AFSL) of a Sydney-based financial advice firm.
Indie Advice, based in Newtown, saw its licence cancelled on 19 January 2024 after the regulator became aware that the firm had “not been providing financial services for some time” despite being authorised to provide financial advice to retail and wholesale clients.
Under the Corporations Act, ASIC has the power to suspend or cancel an AFSL if the licensee has ceased providing financial services.
The licence will continue to be in effect until 30 June 2024 in order for Indie to keep its internal and external dispute resolution schemes operating.
All firms must report their IDR data to ASIC by 29 February 2024, even if they have had no complaints.
In December, the Financial Services and Credit Panel cancelled the licence of an insolvent adviser until 2025 as it felt he posed a risk to consumers.
“The Sitting Panel decided to make the registration prohibition order because it is satisfied that there is a real risk of harm being caused to the public’s confidence in the financial services industry, and to ASIC’s reputation, if an undischarged bankrupt is permitted to continue to give personal advice to retail clients about relevant financial products.
“The Sitting Panel is also satisfied that Anderson has demonstrated a lack of professional judgement and insight in relation to his bankruptcy.”
Recommended for you
The third quarter of 2024 saw the first positive increase in adviser numbers for 12 months, according to the latest quarterly Musical Chairs report, with new entrants overwhelmingly choosing to join privately owned firms.
As more advisers review their fee structures, Business Health has shared six steps to calculating the price to deliver financial advice services in a profitable yet suitable way.
ASIC’s Sarah Court has confirmed the regulator is carrying out systematic work on providers of unlicensed advice but admits it is a case of “whack-a-mole” when it comes to disciplining them.
Following an extraordinary general meeting today, Dixon Advisory parent company E&P Financial Group’s shareholders have voted on its proposed delisting from the ASX.
As i have been saying get out of the business the govt does not want you there it only wants two or three large companies paying wages to planers .Much easier to cotroll.
I feel sorry for him the poor bugger went broke trying to do the right thing by his clients JG