Two AFSLs cancelled and one suspended
The corporate regulator has cancelled the Australian financial services licences (AFSLs) of Rebate Financial Services and Capstone Capital, and suspended the AFSL for KABM.
The Australian Securities and Investments Commission (ASIC) found Capstone Capital and Rebate Financial Services failed to lodge annual financial statements and auditor’s reports, and failed to maintain membership with an external dispute resolution (EDR) scheme approved by ASIC.
KABM was found to have failed to lodge financial statements and auditor’s reports for three consecutive years. The watchdog has suspended its licence until 1 May 2017 and if KABM does not lodge the required documents by this date, ASIC will consider whether the licence should be cancelled.
ASIC deputy chair, Peter Kell, said: “The annual lodgement of audited accounts is an important part of a licensee demonstrating it has adequate financial resources to provide the services covered by its licence and to conduct the business lawfully”.
“Membership of an EDR scheme is also an important requirement for licensees and ASIC will not hesitate to act against those who fail to comply with their responsibilities,” he said.
Recommended for you
Investment platform Praemium has reported strong 2024–25 financial year results, with large increases across a range of business metrics, which it credits to the firm’s strategy and high-net-worth focus.
Alternative investment manager Regal Partners has set a target of doubling its offshore funds under management within three years amid strong inflows from offshore investors in the first half of 2025.
Fitzpatricks Advice Partners has formed a strategic alliance with two chapters of a global business support and networking organisation, expanding its offering for the firm’s advisers.
More than 25 winners have been announced at the second annual Australian Wealth Management Awards.
