ASIC cancels planning license
Queensland-based financial planning business, Bristol Street Financial Services Limited has had its license cancelled by the Australian Securities and Investments Commission (ASIC).
The regulator announced today that the cancellation of the Beenleigh business’s license was effective from Thursday, last week, and followed surveillance of the business between 22 July, 2016 and 27 October, last year.
ASIC said it had uncovered widespread non-compliance with financial services laws that showed that Bristol Street had failed to comply with the conditions of its license, comply with financial services laws, manage conflicts of interest and have available adequate human and financial resources to provide services covered by license.
It said Bristol had also failed to properly monitor and supervise its representatives.
ASIC said the terms of the license cancellation would allow Bristol to continue for purposes of ensuring that its clients continued to have access to external dispute resolution and retention of professional indemnity insurance until 5 December, next year.
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