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.
