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Showing 141 - 150 of 952 results for "AFSL"

Sanlam Private Wealth breaches licensee obligations, hit with enforceable undertaking

MATTHEW WAI  |  MONDAY, 6 JAN 2025
... to the outcomes of the independent review and will continue to work collaboratively with ASIC." Since 2009, Sanlam's AFSL enables it to provide advice for, and deal in, specified classes of financial products, together with custodial and depository ...

Court finds CFD issuers engaged in 'unconscionable conduct'

ELIZA BAVIN  |  MONDAY, 23 DEC 2024
... that USG breached its obligation to ensure that the financial services covered by its Australian financial services licence (AFSL) were provided "efficiently, honestly and fairly", where it offered those services to customers in China. The court determined ...

Settlement reached in Caddick class action

ELIZA BAVIN  |  MONDAY, 9 DEC 2024
... client in the lawsuit, who was retired, saw their life savings disappear thanks to Caddick who operated Maliver without an AFSL and used another company's licence without authorisation. Mackay Chapman also acted on behalf of one client during the receivership ...

Firms treat CSLR as 'insurance policy': FAAA

KARREN VERGARA  |  MONDAY, 2 DEC 2024
As the number of AFSL cancellations pile up due to the non-payment of Australian Financial Complaints Authority (AFCA) determinations, far too many financial services firms are taking advantage of the Compensation Scheme of Last Resort (CSLR), treating ...

AI no silver bullet for advice process, documentation: Experts

KARREN VERGARA  |  FRIDAY, 29 NOV 2024
... that he has not yet come across complaints involving advice documents produced by AI and may not. Ultimately, there's an AFSL that's responsible for the conduct, he said, noting that it doesn't matter how the adviser gets from A to B, provided ...

Second bidder enters SelfWealth takeover talks

KARREN VERGARA  |  FRIDAY, 15 NOV 2024
... of its proposal. In 2021, ASIC slapped AxiCorp with additional conditions for several compliance failures. AxiCorp's AFSL was suspended for four months after the regulator found it failed to comply with certain financial services laws. The breaches ...

Fair Work ruling, ASIC put offshoring arrangements on notice

KARREN VERGARA  |  THURSDAY, 14 NOV 2024
Fair Work Australia's (FWA) recent ruling in favour of a Philippines-based worker to bring an unfair dismissal case against the former employer could serve as a warning for financial services firms who rely on offshoring, as the corporate regulator ...

Queensland-based financial firm loses AFSL

MATTHEW WAI  |  FRIDAY, 25 OCT 2024
A Queensland-based financial services business has lost its Australian financial service licence (AFSL) following its failure to comply with licensee obligation. ASIC revoked the AFSL of Next Generation Advice (in liquidation) (Next Gen) after the Queensland ...

Medium-sized advice firms flourish: Research

KARREN VERGARA  |  THURSDAY, 24 OCT 2024
... year. There are 1884 AFSLs operating in Australia as at September end. Some 1075 financial advisers registered with a new AFSL during the period. The five AFSLs that attracted the most advisers are Alliance Wealth, Shaw & Partners, Interprac, RI Advice ...

ASIC cans timeshare company AFSL

KARREN VERGARA  |  WEDNESDAY, 23 OCT 2024
ASIC cancelled the AFS Licence (AFSL) of timeshare company Ultiqa Lifestyle Promotions, which has been in trouble in the past for providing bad financial advice. Ultiqa's failure to pay an Australian Financial Complaints Authority (AFCA) determination ...