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Showing 111 - 120 of 772 results for %22AFSL%22

Adviser banned over early release scheme

JAMIE WILLIAMSON  |  WEDNESDAY, 3 AUG 2022
... a fit and proper person and was likely to contravene a financial services law in the future," ASIC said. In addition, the AFSL of his business Simeone Pty Ltd was also cancelled. He had held the licence since 1986. Simeone was actually handed the ban ...

Fraud charges laid over unlicensed scheme

CASSANDRA BALDINI  |  WEDNESDAY, 20 JUL 2022
... investment scheme and also ordered that he be permanently restrained from carrying on a financial services business without an AFSL or operating an unregistered managed investment scheme. The maximum penalty for each offence of fraud under the Criminal ...

OTC derivatives provider loses licence, executives banned

CASSANDRA BALDINI  |  THURSDAY, 14 JUL 2022
Over-the-counter derivatives provider Sirius Financial Markets Pty Ltd has surrendered its AFSL and its former executives Jonathan Schneider and Oskar Pecyna have both been banned for eight years. ASIC reported that Sirius Financial, trading as Trade360 ...

Equity Story plans to throw finfluencers a lifeline

CASSANDRA BALDINI  |  MONDAY, 11 JUL 2022
... a lifeline after ASIC's recent crackdown by giving them the option of continuing to influence with the coverage of an AFSL. A Rich Life has around 400 paying subscribers that receive information including news, the arts, stocks, and investing education. ...

Subjects of Royal Commission case study found guilty in court

CHLOE WALKER  |  MONDAY, 11 JUL 2022
The Federal Court has found that Select AFSL (Select), BlueInc Services Pty Ltd (BlueInc) and Insurance Marketing Service Pty Ltd (IMS) engaged in unconscionable conduct when selling insurance products. The Court also found Russell Howden, the managing ...

ASIC takes Lanterne Fund Services to court

ANDREW MCKEAN  |  THURSDAY, 7 JUL 2022
... management processes. The regulator alleges that Lanterne has on multiple occasions failed to meet its obligations as an AFSL holder, including a failure to meet organisational competence requirements. ASIC deputy chair Sarah Court said: "ASIC is concerned ...

More than 1700 advisers gone already

JAMIE WILLIAMSON  |  FRIDAY, 1 JUL 2022
... period, only 546 new advisers were registered. In the last six months, SMSF Advisers Network lost the most advisers for any AFSL at 285. It's also lost the most advisers in the last 12 months, shedding 410. In terms of gains, Ord Minnett added 68 ...

BTC Markets gains ASFL

CHLOE WALKER  |  TUESDAY, 21 JUN 2022
Melbourne-based BTC Markets has become Australia's first crypto exchange to successfully go through the full AFSL application process, via sister company BTCM Payments. BTC Markets said the AFSL will enable it to further bridge the crypto and traditional ...

ASIC outlines cybersecurity expectations

JAMIE WILLIAMSON  |  FRIDAY, 13 MAY 2022
... cybersecurity. Just last week, in what was an Australian-first, the Federal Court found RI Advice failed its obligations as an AFSL holder by failing to have adequate systems in place to manage cybersecurity risks. ASIC says the determination should ...

Breach reporting regime a distraction: Report

JAMIE WILLIAMSON  |  TUESDAY, 3 MAY 2022
... obligations has led to a noticeable increase in the number of breaches being reported," the report states. "Importantly, only AFSL holders were subject to the breach reporting regime prior to 1 October 2021. The increases relate to them, as ACL holders ...