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
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
