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Showing 161 - 170 of 1271 results for "AFS"

AFSLs can lose licence on CSLR intervention

KARREN VERGARA  |  WEDNESDAY, 7 AUG 2024
AFS Licensees (AFSLs) and their professional indemnity insurers (PII) that fail to pay a determination will potentially see their licence revoked if the Compensation Scheme of Last Resort (CSLR) has to intervene. CSLR chief executive David Berry warned ...

Former wealth management chief ousted from financial services

ANDREW MCKEAN  |  FRIDAY, 2 AUG 2024
... services business, was also dealt a blow with the corporate regulator's decision to cancel United Global Capital's (UGC's) AFS licence. UGC's AFS licence was revoked following a damning ASIC investigation which revealed that the firm's authorised representatives ...

Court rejects former fund manager's appeal

KARREN VERGARA  |  WEDNESDAY, 31 JUL 2024
... counts of fraud under s408c of the Queensland Criminal Code and that he operated a financial services business without as AFS licence (AFSL). On 10 August 2021, his legal representatives filed an application seeking orders that the pleas of guilty be ...

Build Your Wealth adviser cops ban

KARREN VERGARA  |  FRIDAY, 26 JUL 2024
The owner and financial adviser at Build Your Wealth has been banned from the industry for five years after ASIC found evidence of conflicts of interest. Christopher Edward Luff failed as a financial adviser, according to ASIC's investigation, particularly ...

Advisers shun major institutions, 500 exit: Rainmaker

KARREN VERGARA  |  WEDNESDAY, 24 JUL 2024
Financial advisers continue to ditch major institutions as more than 500 left in the year to June, Rainmaker analysis shows. Major institutions lost 8.8% of their advisers, with 513 exiting over the 12 months to end up with 5361 at the end of the period. ...

ASIC hits Melbourne adviser with travel ban

ELIZA BAVIN  |  TUESDAY, 23 JUL 2024
The Australian Securities and Investments Commission (ASIC) has secured a travel restraint order against Melbourne-based adviser Barry King. The orders prevent King from leaving or attempting to leave Australia until 1 April 2025. They were made by ...

ASIC bans 'incompetent' financial services directors

ANDREW MCKEAN  |  FRIDAY, 19 JUL 2024
... directors or as responsible managers for three and five years, respectively. ASIC cancelled XTrade's Australian Financial Service (AFS) licence in June after discovering that it failed to comply with financial services laws between June 2018 and September ...

ASIC permanently bans Queensland adviser

ELIZA BAVIN  |  THURSDAY, 18 JUL 2024
The Australian Securities and Investments Commission (ASIC) has banned Queensland-based financial adviser Anass Abdalla. ASIC said Abdalla has been banned from providing any financial services, performing any function involved in the carrying on of ...

Clime chief executive resigns

KARREN VERGARA  |  MONDAY, 15 JUL 2024
Clime Investment Management chief executive Annick Donat is exiting shortly after the ASX-listed firm announced an overhaul of its business model. Donat said she decided to step down after three years in the top job. Her final day is July 31. Before ...

Bitcoin ETF price war: VanEck, Monochrome cut costs

ANDREW MCKEAN  |  FRIDAY, 12 JUL 2024
VanEck has cut the management fee for its Bitcoin ETF (ASX: VBTC) to 0.49% per annum, just days after Monochrome Asset Management made a change. The ETF provider said the decision followed more than $18 million flowing into the fund since its launch ...