ASIC suspends Sydney practice's licence
The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services licence of Sydney-based planning practice Cabot Square Financial Planning until 4 December 2013.
Cabot Square failed to lodge an annual profit and loss sheet with ASIC - together with an auditor's report - for each financial year from 2008 to 2011.
Furthermore, the company failed to advise ASIC in writing of the "significant breach" within 10 business days of becoming aware of it.
The regulator said in a statement it had reason to believe that the continued failure to lodge the documents meant that Cabot Square might not comply with its future obligations under financial services law.
ASIC Commissioner Greg Tanzer said the regulator would "continue to deal with those who fail to meet the required standards".
Cabot Square has the right to appeal to the Administrative Appeals Tribunal against ASIC's decision.
AUTHOR
Staff Writer
Recommended for you
Advisers could find themselves unable to receive the fair market price of their advice as the Delivering Better Financial Outcomes legislation states superannuation trustees can reject deductions that are not charged on a cost basis.
Two advice professionals have shared five key takeaways as to how advisers can strengthen their communication with clients, especially at review time, in order to build deeper relationships.
The Financial Services Council has launched the Digital Advice Expert Group to support policy development around digital advice adoption and ensure greater accessibility for Australians.
MLC Asset Management’s managed account offerings have hit $2 billion in funds under management, underpinned by over half of financial advisers’ usage of the investment products.
