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.
Recommended for you
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.