ASIC cancels licence of Sydney firm
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Sydney-based company, Edwards Benefits Advisors, for its violation of key obligations as a financial services licensee.
ASIC found that the company had failed to lodge financial statements over consecutive years and to advise ASIC in writing, within 10 business days, of becoming aware of the significant breach.
The company has been operating since 1999 and was authorised to provide general financial product advice in relation to superannuation, investment, and life and disability insurance to Australian retail clients.
ASIC also said that the licence was cancelled on 29 June and that Edward Benefits had the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
"ASIC will continue to contact AFS licensees which have not lodged audited financial statements and take appropriate action if they fail to lodge these statements," the statement said.
AUTHOR
Oksana Patron
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
