Wholesale service provider AFSL cancelled

ASIC/licence/cancelled/Commissioner/

image
image
expand image

Gold Coast-based wholesale service provider, TMK Index Limited, has had its Australian financial services license withdrawn by the Australian Securities and Investments Commission (ASIC) after failing to comply with key obligations including breach notifications, lodgement of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."

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