ASIC suspends Financial Options AFSL
The corporate watchdog has suspended the Australian financial services licence (AFSL) of Financial Options until 26 February, 2020, after it did not lodge its accounts and audit report for the year ending 30 June, 2018.
The Australian Securities and Investments Commission also found the Queensland-based financial services provider failed to have a dispute resolution system in place, and did not maintain organisational competence or the resources required to provide the financial services covered by its licence.
The suspension period will allow Financial Options to lodge its outstanding financial reports and address financial reporting obligations, organisational competence, human resources and compliance requirement concerns.
ASIC said it would consider cancelling the firm’s AFSL if it could not demonstrate that it was able to comply with obligations by the end of the suspension.
ASIC noted Financial Options applied for membership with the Australian Financial Complaints Authority (AFCA) scheme, which took effect from 31 May, 2019.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
