Wholesale service provider AFSL cancelled
Gold Coast-based wholesale service provider, TMK Index Limited, has had its Australian financial services license withdrawn by the Australian Securities and Investments Commission (ASIC) after failing to comply with key obligations including breach notifications, lodgement of account details and competency regarding staffing arrangements.
ASIC reminded wholesale managers to comply thoroughly with license obligations off the back of the TMK compliance breach, which also included failure to meet Net Tangible Asset requirements.
Commissioner, Greg Tanzer, said that the financial system should retain customer confidence perpetually, stating that ASIC would continue to take action against those failing to abide by agreed terms and conditions.
"ASIC takes compliance with these obligations seriously, as they are important to ensure we have efficient well-functioning financial markets," he said.
"ASIC can and does hold gatekeepers to account to ensure investors can have confidence in our financial system."
AUTHOR
Hope William-Smith
Recommended for you
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
