Responsible entities holding an AFS licence are obligated to have the minimum level of net tangible assets of $150,000. Ausfunds failed to maintain this level of financial resources over two consecutive financial reporting periods, despite reminders from its auditor about the financial requirements of its AFS licence. ASIC has the power to suspend or cancel…
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In addition, ASIC banned former director, Scott John Morrison, from providing financial services for seven years, effective from 3 April 2020. ASIC found that Morrison is not competent to provide financial product advice. Moreover, he failed to act in the best interest of his clients and engaged in misleading or deceptive conduct. On 17 March…
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MyPlanner Professional applied to the ATT for a review of ASIC’s decision on 12 February. The Tribunal granted a stay to ASIC’s decision on 15 April on a few conditions. MyPlanner Professional must not accept new financial services clients during the period in which the suspension is on hold. By 20 April the company must…
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The licence of Your Super Life Pty Ltd was also cancelled from 11 March as the company failed to submit its annual report for the financial years ending 2017, 2018 and 2019. AFS licences require annual submission of a financial report. These reports aim to prove that the companies have the resources to provide financial services.…
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ASIC has cancelled the Australian financial services (AFS) licence of RVM Capital for not submitting its annual financial statements for three years in a row. RVM Capital held AFS licence number 457140 and it was cancelled from 21 January 2020. These measures are part of ASIC’s intention to raise and improve the requirements for…
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Australian watchdog ASIC has announced yesterday that it has extended the suspension of the Australian financial services (AFS) licence held by Halifax Investment Services Pty Ltd until 8 January 2021, effective 18 December 2019. The Halifax AFS licence can continue only to ensure that clients of Halifax continue to have access to an external dispute resolution…
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Australian regulator ASIC has announced earlier today that it has cancelled the Australian financial services (AFS) licence of Sydney-based financial services provider KP International Group Australia Pty Ltd, effective 22 November 2019. This is not the first time ASIC suspends the company's licence, it was previously suspended until 23 September 2020. KP International Group Australia…
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Australian regulator ASIC has announced earlier today that it has suspended the Australian financial services (AFS) licence of Melbourne-based financial services provider Australian Golden Securities Ltd (formerly known as AFS Capital Securities Ltd). ASIC found that Australian Golden Securities failed to: lodge its accounts and audit report as a licensee for the year ending 30…
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Australian regulator ASIC has announced earlier today that it has suspended the Australian financial services (AFS) licence of Sydney-based financial services provider KP International Group Australia Pty Ltd (KP International) until 23 September 2020. According to the regulator, KP International did not adequately address systemic issues identified by the Financial Ombudsman Service (now Australian Financial…
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Australian regulator announced earlier this week that it has suspended the Australian financial services (AFS) licence of Queensland-based financial services provider Financial Options Pty Ltd. The licence is suspended until 26 February 2020. According to the regulator, Financial Options was not meeting its obligations as an AFS licensee. The company has failed to have a dispute…
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