ASIC suspends financial planning practice license for lack of PI
Perth-based financial advice firm, Ballast Financial Management has had its Australian Financial Services License (AFSL) suspended by the Australian Securities and Investments Commission (ASIC) for at least 10 weeks during which it can seek to obtain professional indemnity (PI) insurance.
ASIC said the Ballast AFSL had been suspended because it had ceased to carry on a financial services business because of its failure to obtain professional indemnity insurance.
The regulator said the 10-week suspension would give Ballast sufficient time to put in place adequate compensation arrangements.
“The suspension also provides Ballast an opportunity to identify and appoint an appropriately qualified and experienced responsible manager following the resignation of its previous responsible manage,” the ASIC announcement
It said that if Ballast was unable to demonstrate that it was in a position to recommence its financial services business by the end of the 10-week suspension, ASIC would consider cancelling its license.
Recommended for you
ASIC has launched legal action in the Federal Court against SQM Research and Interprac Financial Planning, citing alleged failures related to the Shield and First Guardian fund collapses.
While interest in private markets continues to grow, a panel of industry professionals have argued that data and reporting challenges in this sector are limiting accessibility for financial advisers.
Evidentia Group, a wholly owned subsidiary of Generation Development Group, has entered into a binding agreement to acquire consulting firm Encore Advisory Group.
MST Financial has announced the completion of its acquisition and integration of FIIG Asset Management from AUSIEX, bolstering its leadership team in the process.
