ASIC cancels Financial Stewards’ AFS licence
The Australian Securities and Investments Commission (ASIC) has cancelled Financial Stewards’ Australian financial services (AFS) licence, as part of the regulator’s ongoing efforts to improve standard across the financial services industry.
The licence cancellation followed Financial Stewards’ failure to cooperate with an ASIC surveillance. ASIC issued two compulsory notices to Financial Stewards as part of the surveillance, to which the company failed to respond.
ASIC also found that Financial Stewards failed to take reasonable steps to ensure its representatives complied with financial services laws, comply with its licence conditions, lodge annual financial statements and auditor’s reports, recognise and report significant breaches, and ensure its services were provided efficiently, honestly and fairly.
ASIC acting chairman, Peter Kell said that cooperation between AFS licensees and ASIC was vital to ensuring trust and confidence in the financial services industry.
“The integrity of the financial services system requires AFS licensees to respond to ASIC’s lawful requests for information and assistance,” he said.
“ASIC’s surveillance of AFS licensees is essential to maintaining consumer trust and confidence and ASIC will not hesitate to act against those who fail to comply with their obligations in relation to ASIC surveillances.”
AUTHOR
Hannah Wootton
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
