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.

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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.

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