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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
