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Showing 101 - 110 of 162 results for "AFS Licensee"

Sydney advice firm loses AFSL

KANIKA SOOD  |  FRIDAY, 5 JUL 2019
... period information provided to ASIC by AWSM identified that AWSM would not be able to meet its obligations as an AFS licensee because of its financial position," ASIC said. AWSM is required to maintain their professional indemnity insurance and their ...

ASIC catches illegal dual licensees

ELIZABETH MCARTHUR  |  MONDAY, 13 MAY 2019
... an investigation into 65 AFS licence holders found that 58 were breaking the law. Under the Corporations Act, an AFS licensee cannot be the authorised representative of another AFS licensee - with the only exceptions being general insurance underwriting ...

ASIC outlines enforcement efforts

ELIZABETH MCARTHUR  |  WEDNESDAY, 10 APR 2019
In the second half of last year ASIC brought criminal proceedings against nine individuals on 76 charges, with four people imprisoned as a result and $12.7 million imposed in civil penalties. ASIC also disqualified 28 directors and there were 72 instances ...

AMP overhauls wealth leadership

ELIZABETH MCARTHUR, JAMIE WILLIAMSON  |  THURSDAY, 4 APR 2019
AMP has announced five new appointments to its wealth management leadership team. Dedicated to providing better experiences and outcomes for clients, AMP has built out the executive team charged with overseeing its troubled wealth management business. ...

Major advice licensee in possible best interest breach

JAMIE WILLIAMSON  |  THURSDAY, 4 APR 2019
Extra conditions have been placed on the AFSL of one of Australia's biggest financial advice licensees following an investigation sparked by phenomenal growth in adviser numbers in just six months. SMSF Advisers Network has had additional licence ...

ASIC scolds banks over fee-for-no-service delays

HARRISON WORLEY  |  MONDAY, 11 MAR 2019
Australia's major financial services institutions are taking too long to remediate customers over their fee-for-no-service issues and ASIC is not pleased. The corporate regulator released an update to the "further review" programs currently underway ...

Accountant banned for bad SMSF advice

HARRISON WORLEY  |  TUESDAY, 19 FEB 2019
A Gold Coast accountant has been banned from providing financial services for three years, after agreeing to a court enforceable undertaking with ASIC. Jenan Oslem Thorne - who also goes by the names Cenan Thorne or Cenan Dikmen - was found by the corporate ...

ASIC cracks down on non-compliant AFSL

JAMIE WILLIAMSON  |  MONDAY, 21 JAN 2019
ASIC has slapped additional conditions on the AFSL of an advice practice operating on the New South Wales Central Coast. Surveillance by ASIC showed HNW Planning failed to adequately monitor and supervise its representatives. Its audit processes were ...

AAT upholds AFSL rejection

OSKAH DUNNIN  |  TUESDAY, 15 JAN 2019
... failed to provide proper financial and employment records to ASIC, alongside misrepresenting himself as an authorised AFS licensee. The AAT ruled that much of Watson's documentation failed to meet regulatory standards. In particular, the AAT said ...

ASIC cans advice business AFSL

JAMIE WILLIAMSON  |  TUESDAY, 18 DEC 2018
A boutique financial advice business has had its AFSL cancelled for failing to adequately manage conflicts of interest after clients were advised to invest their superannuation in the practice. ASIC has cancelled the AFSL of Evermore Money Management ...