ASIC suspends Sydney firm’s AFSL
The Australian Securities and Investments Commission (ASIC) has once again suspended the Australian financial services licence (AFSL) of financial services firm, Divitarum Audax Pty Ltd, after the firm’s proposed deregistration in 2015.
Divitiarum Audax, which provided general financial product advice and held an AFSL for 13 years, was found to have breached its legal and licence obligations earlier this month.
ASIC suspended the Parramatta-based firm’s license on 8 May after it was found to have failed to lodge financial statements and audit reports for more than four years.
ASIC deputy chair, Peter Kell said: “Licensees are required to lodge financial statements and auditor's reports with ASIC to demonstrate their capacity to provide financial service”.
“Failure to comply with reporting obligations can be an indicator of a poor compliance culture. ASIC won't hesitate to act against licensees who do not meet these important requirements.”
ASIC had suspended Divitiarum Audax’s licence until November. If the firm does not lodge required documents by this date, ASIC will consider whether the licence should be cancelled.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
