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
Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand.
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.
