ASIC cancels RE AFSL
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of Aquaint Capital Limited, which is in liquidation.
Aquaint is the responsible entity for Aquaint Income Fund (the scheme). It was placed into liquidation on 1 September 2016 following a creditors’ resolution that it should be wound up due to being insolvent. The liquidators began the winding up process on 14 September 2016.
However, under section 915H of the Corporations Act, the Australian financial services licence (AFSL) must continue in effect as though the cancellation has not happened for a period of 12 months from the date of the cancellation in order to assist with the winding up of the scheme.
The AFSL was cancelled on 28 February.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
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”.