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Showing 31 - 40 of 1074 results for "AFS"

ASIC strips institutional broker's AFSL

ANDREW MCKEAN  |  THURSDAY, 16 NOV 2023
ASIC has suspended JB Markets' Australian financial services licence (AFSL), restricting the firm to only terminating existing client arrangements. The corporate regulator revoked JB Markets' AFSL due to non-compliance with financial requirements and ...

Australian Unity sells advice arm to Fortnum, Nestworth

ANDREW MCKEAN  |  TUESDAY, 14 NOV 2023
Australian Unity entered into a strategic alliance, selling its financial advice business to AZ NGA-owned advisory firm Nestworth and Fortnum Private Wealth. AZ NGA, through Nestworth, will acquire Australian Unity's employed adviser and corporate superannuation ...

ASIC updates qualified tax relevant provider definition

KARREN VERGARA  |  TUESDAY, 7 NOV 2023
... tax (financial) advice services for the first time," ASIC said. "It is important to note that it is the responsibility of AFS licensees to ensure that the information recorded on the Financial Advisers Register about their relevant providers is corre ...

Wealth firm awards CFS Edge mandate

KARREN VERGARA  |  MONDAY, 6 NOV 2023
Colonial First State (CFS) has scored a wealth platform and managed accounts mandate with a large financial advice firm. Viridian Advisory, which has $7 billion in funds under administration, will use CFS Edge. Having officially launched in August ...

Financial services firms hit with criminal charges

CHLOE WALKER  |  TUESDAY, 31 OCT 2023
... "Failure to lodge audited financial statements may result in cancellation of a licensee's Australian financial services (AFS) licence," it said. The ultimate penalty for each failure to lodge a profit and loss statement and balance sheet, as well ...

Adviser numbers steady, but shortfall predicted

CHLOE WALKER  |  MONDAY, 30 OCT 2023
With the number of financial advisers stabilised at around 16,000 after falling 43% from its December 2018 peak, forecasting by Rainmaker Information has sought to determine whether demand for advice over the coming decade can be met. According to Rainmaker ...

ASIC loses case against Diversa

JAMIE WILLIAMSON  |  TUESDAY, 24 OCT 2023
The Federal Court has found in favour of Diversa in the case brought by ASIC in 2021 which alleged the trustee knew about a now banned adviser's dodgy behaviour but failed to act. In October 2021, ASIC commenced civil penalty proceedings against ...

ASIC updates breach reporting rules

KARREN VERGARA  |  FRIDAY, 20 OCT 2023
... the number of breaches reported and identify any trends in reports, as outlined in Regulatory Guide 78 Breach reporting by AFS licenses and credit licensees (RG 78)," ASIC said. Under the new amendments, licensees also no longer have to report certain ...

AAT overturns ASIC ban on investment guru

CASSANDRA BALDINI  |  FRIDAY, 20 OCT 2023
... credit activities and financial services. In 2022, Grubisa was banned for four years after ASIC found she was claiming to hold AFS and credit licences that she did not. The licence for her company Master Wealth Control, which traded as DG Institute ...

Crypto exchanges to obey financial services rulebook

ANDREW MCKEAN  |  MONDAY, 16 OCT 2023
The government plans to mandate that crypto exchanges adhere to Australian financial services laws, requiring digital asset platform operators to obtain an AFSL. Treasury's Regulating digital asset platforms' consultation, released today, mandates that ...