NSW advice firm sees AFSL cancelled
NSW-based RPD Group Advice has seen its Australian Financial Services Licence (AFSL) cancelled by ASIC this month for failing to pay an AFCA determination.
This follows a payment of compensation by the Compensation Scheme of Last Resort (CSLR).
According to ASIC, the Australian Financial Complaints Authority (AFCA) made a determination against RPD Group on 12 July 2024, which the group failed to pay.
The CSLR subsequently paid $62,421.00 to a person for the AFCA determination on 13 November 2024 and notified ASIC.
ASIC cancelled RPD Group’s AFS licence on 21 November 2024.
Where the CSLR pays compensation to an eligible consumer in relation to an AFCA determination and notifies ASIC of the details of the firm that failed to pay the compensation, ASIC must cancel the AFS licence or credit licence of the firm.
Earlier this month, NSW firm DOD Bookkeeping, formerly known as Equiti Financial Services, saw its AFSL cancelled following a CSLR payment.
The AFSL of Libertas Financial Planning was also cancelled following a CSLR payment earlier this year.
AUTHOR
Rhea Nath
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
