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
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
