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Showing 1 - 10 of 100+ results for "AFSL"

ASIC working to improve breach reporting regime

JAMIE WILLIAMSON  |  WEDNESDAY, 10 AUG 2022
... came into effect last October, following concerns that it's not operating as intended. The regime, which applies to all AFSL and ACL holders, commenced in October 2021 and came off the back of the Royal Commission. Now, less than a year later, ASIC ...

Contact AFCA now: ASIC urges Dixon Advisory clients

JAMIE WILLIAMSON  |  THURSDAY, 4 AUG 2022
... advice. A hearing on liability and penalty took place this week, with judgment reserved. ASIC suspended Dixon Advisory's AFSL in April but required it to maintain its AFCA membership for another year. While lodging a complaint does not guarantee a compensation ...

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 ...
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