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Showing 491 - 500 of 1277 results for "AFS"

FASEA boycott sparks in-fighting

ELIZABETH MCARTHUR  |  TUESDAY, 2 JUN 2020
Suggestions from one financial advice association that advisers should boycott the FASEA exam has led to a call for associations to merge in order to better represent the industry. The United Financial Advisers Association (UFAA) has called on its 6000-strong ...

Sequoia to acquire wealth group

KANIKA SOOD  |  MONDAY, 1 JUN 2020
Sequoia Financial Group has entered an agreement to acquire a wealth group, adding about 23 advisers and $1 billion in funds under management. Sequoia Wealth Management will acquire the customer base of Phillip Capital Limited's existing advisers ...

ASIC cancels two AFSLs

ELIZA BAVIN  |  MONDAY, 1 JUN 2020
... licence and to conduct their business lawfully," ASIC said. "Under the Corporations Act 2001, ASIC may suspend or cancel an AFS licence if the licensee fails to meet their obligations." Meanwhile, Australian Golden Securities licence was previously suspended ...

ASIC takes action on two AFSLs

ELIZA BAVIN  |  FRIDAY, 29 MAY 2020
... it found that Squareknot did not meet the base level financial requirements of its licence. "Under the Corporations Act, an AFS licensee must comply with the conditions of its licence. ASIC may suspend or cancel an AFS licence if a licensee does not ...

Government offers guidance provision relief

HARRISON WORLEY  |  TUESDAY, 26 MAY 2020
Company directors will not be liable for missing financial guidance targets for the next six months, after the government temporarily amended continuous disclosure provisions to help firms through COVID-19. The amendments, introduced today, ensure companies ...

Adviser banned for five years

ELIZA BAVIN  |  TUESDAY, 26 MAY 2020
A financial adviser who cycled through seven AFSLs in nine years has been banned after ASIC found he provided poor SMSF advice and based insurance advice on the commission he'd receive. The five-year ban follows ASIC surveillance of advice provided ...

Litigation funders will need AFSLs

ELIZABETH MCARTHUR  |  FRIDAY, 22 MAY 2020
Litigation funders will be regulated under the Corporations Act and required to hold an Australian financial services licence, Treasurer Josh Frydenberg announced today. The Treasurer said the government wants litigation funders to be subject to greater ...

ASIC revokes AFSL suspension, cancels another

ELIZA BAVIN  |  TUESDAY, 19 MAY 2020
... cancelled the AFSL because Tailormade was in liquidation. "Under the Corporations Act 2001, ASIC may suspend or cancel an AFS licence if the licensee is under administration and is being wound up," the regulator said. "As part of the cancellation, Tailormade ...

ASIC releases weekly regulatory tracker

ELIZA BAVIN  |  FRIDAY, 8 MAY 2020
ASIC has launched a new weekly regulatory tracker to assist users during the COVID-19 pandemic. The tracker lists and includes links to all new and updated regulatory guides, information sheets, reports and consultation papers issued by ASIC and published ...

AFSL pleads guilty to mishandling client money

KANIKA SOOD  |  THURSDAY, 7 MAY 2020
... Australia to face criminal prosecution for breaching client money provisions, which are designed to protect the interests of AFS licensee clients by ensuring that client money is kept separate from licensee money," ASIC said in a statement. PSAL pled ...