Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Licence cancelled for Qld firm

ASIC/AFSL/cancelled/

26 July 2021
| By Laura Dew |
image
image image
expand image

Queensland-based financial services firm Fentborough has seen its Australian financial services licence (AFSL) cancelled for failing to lodge documentation.

The Australian Securities and Investments Commission (ASIC) said the firm had failed to lodge its annual accounts and compliance certificates for the financial years ending June 2019 and June 2020.

It also failed to maintain membership with the Australian Financial Complaints Authority (AFCA).

These three factors were all legal obligations required to hold an AFSL under the Corporations Act.

The firm, which had held an AFSL since May 2016, was no longer operating as a financial services business or did not intend to do so in the foreseeable future.

It could apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

4 days 13 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

4 weeks 1 day ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 2 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND