ASIC suspends Financial Options AFSL
The corporate watchdog has suspended the Australian financial services licence (AFSL) of Financial Options until 26 February, 2020, after it did not lodge its accounts and audit report for the year ending 30 June, 2018.
The Australian Securities and Investments Commission also found the Queensland-based financial services provider failed to have a dispute resolution system in place, and did not maintain organisational competence or the resources required to provide the financial services covered by its licence.
The suspension period will allow Financial Options to lodge its outstanding financial reports and address financial reporting obligations, organisational competence, human resources and compliance requirement concerns.
ASIC said it would consider cancelling the firm’s AFSL if it could not demonstrate that it was able to comply with obligations by the end of the suspension.
ASIC noted Financial Options applied for membership with the Australian Financial Complaints Authority (AFCA) scheme, which took effect from 31 May, 2019.
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.
