ASIC punishes Solar for licensee oversight
The Australian Securities and Investments Commission (ASIC) has cancelled the licence of a Sydney-based financial advisory firm following surveillance into potential issues of licensee oversight.
The regulator found that Solar Financial Advisory had failed to manage conflicts of interest, ensure its representatives complied with financial services laws, properly monitor and supervise its representatives, conduct audits, and adequately manage its internal dispute resolution process.
Solar appointed a liquidator following these findings, with the licence cancellation effective from 21 November, this year.
<p><p><p><p><p><p>
AUTHOR
Hannah Wootton
Recommended for you
More than half of the past 13 weeks of Q3 enjoyed a rise in financial adviser numbers, according to Wealth Data figures, an improvement on the same time a year ago.
The fallout from Dixon Advisory and effect on the professional indemnity insurance market could have been far worse, according to Numerisk’s Richard Silberman, if the product collapse hadn’t been isolated to one company.
After making a name for themselves on the footy field and the tennis court, these two ex-sportsmen reflect on their journey into financial advice and what they learnt along the way.
Stantins Financial Services, a Melbourne-based wealth management and consulting firm, has moved under AMP’s AFSL to help drive growth in the business.
