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).
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.
AUTHOR
Laura Dew
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
