Sydney firm AFSL cancelled

ASIC/breach/compliance/financial-advice/derivative/retail/

1 July 2016
| By Malavika |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of a general financial product advice provider for failing to comply with its obligations.

Sydney-based Etern Wisdom Global Pty Ltd (Etern Wisdom) had its licence cancelled on 6 June after ASIC found it had failed to lodge financial statements, auditor reports, and auditor opinions over consecutive years. This was in breach of both its obligations and its licence conditions.

The firm also failed to advise ASIC of this breach in writing within 10 business days of becoming aware of it.

Deputy chair, Peter Kell, said failing to comply with reporting obligations may flag wider compliance concerns.

"We are disappointed that some licensees have not heeded the message that their failure to lodge audited financial statements, a key obligation of licensees, may result in the cancellation of their licence," he said.

Etern Wisdom provided general product advice on derivatives and foreign exchange contracts to Australian retail clients.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS