Sydney advice firm sees ASIC’s first 2024 licence cancellation
ASIC has cancelled the Australian financial services licence (AFSL) of a Sydney-based financial advice firm.
Indie Advice, based in Newtown, saw its licence cancelled on 19 January 2024 after the regulator became aware that the firm had “not been providing financial services for some time” despite being authorised to provide financial advice to retail and wholesale clients.
Under the Corporations Act, ASIC has the power to suspend or cancel an AFSL if the licensee has ceased providing financial services.
The licence will continue to be in effect until 30 June 2024 in order for Indie to keep its internal and external dispute resolution schemes operating.
All firms must report their IDR data to ASIC by 29 February 2024, even if they have had no complaints.
In December, the Financial Services and Credit Panel cancelled the licence of an insolvent adviser until 2025 as it felt he posed a risk to consumers.
“The Sitting Panel decided to make the registration prohibition order because it is satisfied that there is a real risk of harm being caused to the public’s confidence in the financial services industry, and to ASIC’s reputation, if an undischarged bankrupt is permitted to continue to give personal advice to retail clients about relevant financial products.
“The Sitting Panel is also satisfied that Anderson has demonstrated a lack of professional judgement and insight in relation to his bankruptcy.”
AUTHOR
Laura Dew
Recommended for you
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As i have been saying get out of the business the govt does not want you there it only wants two or three large companies paying wages to planers .Much easier to cotroll.
I feel sorry for him the poor bugger went broke trying to do the right thing by his clients JG