Wholesale service provider AFSL cancelled
Gold Coast-based wholesale service provider, TMK Index Limited, has had its Australian financial services license withdrawn by the Australian Securities and Investments Commission (ASIC) after failing to comply with key obligations including breach notifications, lodgement of account details and competency regarding staffing arrangements.
ASIC reminded wholesale managers to comply thoroughly with license obligations off the back of the TMK compliance breach, which also included failure to meet Net Tangible Asset requirements.
Commissioner, Greg Tanzer, said that the financial system should retain customer confidence perpetually, stating that ASIC would continue to take action against those failing to abide by agreed terms and conditions.
"ASIC takes compliance with these obligations seriously, as they are important to ensure we have efficient well-functioning financial markets," he said.
"ASIC can and does hold gatekeepers to account to ensure investors can have confidence in our financial system."
AUTHOR
Hope William-Smith
Recommended for you
Financial advisers have expressed concern about the impact including private market exposure is having on their tracking error budget, according to MSCI.
State Street will restrict its membership of global climate alliance Net Zero Asset Managers after the organisation dropped its flagship 2050 goals amid ESG backlash from the US.
Betashares has launched a global shares and a global infrastructure ETF as part of the firm’s strategic expansion strategy to support financial advisers in building more diversified portfolios.
Global asset manager Janus Henderson could be acquired after receiving a non-binding acquisition proposal jointly from a private investment firm and venture capital firm.
