ASIC cancels licence of Noosaville-based practice

australian-financial-services/administrative-appeals-tribunal/peter-kell/

25 November 2011
| By Andrew Tsanadis |
image
image
expand image

The Australian Securities and Investment Commission (ASIC) has cancelled the Australian financial services (AFS) licence of financial advice firm Ferguson No 2 Pty Ltd (Ferguson).

Previously operating under the name 21st Century Investment Services Pty Ltd, Ferguson was licensed to provide general advice and dealing services to retail and wholesale clients in managed investments, securities and superannuation.

In its investigation, ASIC found the firm to be in breach of the conditions of its AFS licence as well as the 'Corporations Act 2001'.

The regulatory body determined that the company failed to appoint a registered company auditor, failed to lodge annual audited financial statements and auditor's reports, failed to notify ASIC of significant breaches, and did not have adequate compliance measures in place to ensure that the company adhered to financial services laws.

In light of the ruling, ASIC commissioner Peter Kell has encouraged all AFS licensees to consider whether they need to review and raise their own compliance standards.

Ferguson has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

3 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks 3 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

3 weeks 1 day ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
5
Plato Global Alpha A
28.73 3 y p.a(%)