AFSL holder requests licence cancellation
An Australian Financial Services Licence (AFSL) holder has had its licence cancelled at its own request, two months after the Australian Securities and Investments Commission (ASIC) suspended it.
Narrow Lane Investments Pty Ltd's AFSL was suspended for four months, on 10 August, due to concerns that it had:
- Failed to comply with the "key person" conditions on its AFSL;
- Did not have adequate financial and human resources;
- Did not have the competence to provide the services cover by its AFSL; and
- Failed to provide breach notifications to ASIC relating to the above breaches.
AUTHOR
Nicholas O'Donoghue
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
