ASIC cancels AFSL



The corporate regulator has cancelled the Australian financial services licence (AFSL) of Robert Bayntun Starky after he failed to pay an Australian Financial Complaints Authority (AFCA) determination and failed to lodge 2020 audited financial accounts.
The Australian Securities and Investments Commission (ASIC) said the financial services provider from Stanwell Tops in New South Wales also failed to maintain professional indemnity insurance cover.
The cancellation was effective from 29 April, 2021.
“Australian financial services licensees must comply with their licence conditions and have adequate resources to provide the financial services covered by their licence. ASIC may suspend or cancel an AFSL if a licensee fails to meet its obligations,” ASIC said.
Recommended for you
ASIC has issued infringement notices to two AFSLs over financial advisers providing personal advice while they were unregistered.
Australian retirees could increase their projected annual incomes by as much as 51 per cent through comprehensive financial advice, according to a Vanguard study, but cost continues to be an issue.
AMP has announced a senior appointment to its North leadership team, reinforcing the firm’s commitment to the advice industry.
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.