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
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
