ASIC cancels AFSL of Brisbane advice firm
ASIC has cancelled the AFSL of a Brisbane-based JB Markets firm following its previous suspension in November.
JB Markets’ licence, which it had held since 8 July 2008, was initially suspended on 8 November 2023 until 30 April 2024.
The licence authorised JB Markets to provide financial product advice, deal in financial products, make a market in financial products, and operate custodial or depository services for retail and wholesale clients.
The licence was suspended as JB Markets:
- Had a net deficiency of assets over liabilities for the 2019 to 2022 financial years.
- Failed to meet financial holding requirements for the 2019 to 2022 financial years.
- Did not have adequate financial resources to provide the financial services under its AFS licence.
ASIC considered that it was reasonable to believe that JB Markets was likely to breach financial services laws.
ASIC announced the licence has been cancelled from 12 April as the firm has failed to comply with the financial requirements of the licence and failed to have adequate resources.
The corporate regulator said cancelling the licence will “protect the interests of potential consumers, promote confidence in the financial services industry, and encourage professionalism by those who provide financial services”.
JB Markets may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Laura Dew
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
