Securities dealer has AFS licence cancelled
Perth securities dealer Stellar Securities has had its Australian financial services licence cancelled after it failed to comply with its financial requirement conditions, among other breaches.
Stellar provided financial advice and dealt in financial products for retail and wholesale clients.
The Australian Securities and Investments Commission’s (ASIC’s) ongoing monitoring of the company found that it had failed to comply with conditions of its AFS licence.
At the same time, Stellar requested ASIC cancel its licence under section 915B(3)(d) of the Corporations Act.
Stellar has been required to extend professional indemnity insurance for the next 12 months as well as maintain its membership of an external dispute resolution scheme for the same period.
Inquiries into Stellar are continuing and ASIC has urged consumers who have complaints about their dealings with the securities dealer to contact the Financial Services Ombudsman.
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