The Australian regulator (ASIC) has cancelled the AFS license of Financial Advisory Pty Ltd (Solar) company. More details can be seen in the official announcement below:
The Australian Securities and Investment Commission (ASIC) has cancelled the Australian financial services (AFS) license of Sydney-based Solar Financial Advisory Pty Ltd (Solar), effective from 21 November 2018.
The cancellation is a result of ASIC’s surveillance of Solar following concerns about licensee oversight.
ASIC’s surveillance focused on the adequacy of Solar’s policies and procedures, and the quality of advice provided to clients.
ASIC found that Solar had failed to:
- manage conflicts of interest
- ensure its representatives complied with financial services laws
- properly monitor and supervise its representatives including by failing to conduct audits, and
- adequately manage its internal dispute resolution process.
As a result of ASIC’s surveillance findings, Solar appointed a liquidator on 30 October 2018. Solar’s sole director at the time was Ms Maria Cheer, who was also its founder and an authorised representative.
The cancellation of Solar’s AFS license is part of ASIC’s ongoing efforts to improve standards across the financial service industry.