Sydney research house sees AFSL cancelled
ASIC has canceled the AFSL of Sydney-based asset consultant and research firm.
CPG Research & Advisory, which operated in the Sydney CBD, saw its AFSL cancelled after ASIC became aware that CPG had ceased to carry on a financial services business.
The firm also failed to pay industry funding levies, which were outstanding for over 12 months.
Since January 2004, CPG has been authorised to carry on a financial services business to deal in and provide financial product advice in relation to deposit and payment products, debentures, bonds, interests in managed investment schemes (excluding investor directed portfolio services), securities, and superannuation to wholesale clients.
The firm was led by Andrew Vallner, who commenced in 2010, and described itself as an “independent investment consulting services”, which offered comprehensive customised solutions.
As well as this, it had a range of services including setting investment strategy, structuring investment portfolios, setting asset allocation, research, and modelling suitable fund managers and evaluating risks.
ASIC may suspend or cancel an AFS licence held by a body if the body is liable to pay a levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid that amount (consisting of the levy, any late payment penalty, and any shortfall penalty) in full at least 12 months after the due date for payment.
CPG has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
AUTHOR
Laura Dew
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