Sydney firm AFSL cancelled
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.
AUTHOR
Malavika Santhebennur
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
