ASIC cancels AFSL of exited adviser
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of Victorian-based financial services licensee Jyoti Rahman as they were no longer providing financial services.
Rahman held a limited AFSL to provide financial product advice about self-managed superannuation funds (SMSFs) to retail clients since 8 February, 2017.
Under the Corporations Act, ASIC may suspend or cancel an AFSL if the licensee was no longer providing financial services.
Licensees that no longer needed their AFSL could apply to ASIC to have their licence cancelled, but ASIC may also take action to cancel a licence when a licensee ceased to carry on a financial services business.
“Until ASIC has cancelled an AFS licence, ASIC expects licensees who hold a retail client authorisation to maintain professional indemnity insurance and membership with the Australian Financial Complaints Authority (AFCA),” ASIC said.
Rahman could apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Chris Dastoor
Recommended for you
The corporate regulator has cancelled the AFSL of a Perth advice firm, with the firm having previously seen its licence temporarily suspended in 2020.
Having proposed changes earlier this year, ASIC has clarified how it will support licensees with additional relief under the reportable situations regime.
AMP has partnered with BlackRock and research house Lonsec to provide a model portfolio capability on its North platform that offers “portfolio customisation at scale” to advice practices of all sizes.
Money Management rounds up actions ASIC took against advice individuals in the first half for FY25 from exam falsifications to dishonest conduct.
