ASIC cancels dealer group licence
The Australian Securities and Investments Commission (ASIC) has cancelled the licence of AAA Shares, a national dealer group based in Adelaide.
The financial services regulator announced yesterday that AAA Shares' licence was cancelled following its surveillance of the business, but refused to provide any further details at this stage.
The cancellation could have implications for AAA Financial Intelligence, a dealer group operating under the AAA Shares financial services licence (but under a different Australian Business Number) in New South Wales, Queensland and Victoria.
According to its website, AAA Shares provided investment advice, portfolio services, retirement planning, self-managed super fund advice and share transactions.
ASIC confirmed liquidators were appointed to the business last month, and that the company now has the chance to seek a review of the regulator's decision in the Administrative Appeals Tribunal.
AUTHOR
Staff Writer
Recommended for you
The popularity of ETFs, which are approaching $200 billion in Australia, is a potential threat to the advice landscape if consumers opt to invest directly, according to this senior partner.
A former AMP financial adviser has urged advisers in the BOLR class action against AMP to object to the “unfair and unreasonable” $100 million settlement sum as the objection deadline approaches on 22 May.
Two Victoria-based financial advice practices have merged and rebranded as Forbes Fava Saville Financial Planning, as the firm realises the benefits of added scale.
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect Statement of Advice.
