Licence cancelled for Qld firm

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).

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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.

 




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Maybe they had an absolute GUTFUL of all the over regulation, threw their hands in the and walked out for the sake of preserving their sanity.

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