Tag: AFS license

asic afs license
December 11, 2018 BY Valentina Kirilova

ASIC cancels Bristol Street Financial Services' AFS license

Australian regulator ASIC has informed the public that it has canceled the Australian financial services (AFS) license of the company Bristol Street Financial Services Pty Ltd. According to the regulator, Bristol Street Financial did not comply with several financial services laws, which has led to the cancellation. The complete text of ASIC's announcement reads as…

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asic afs license
December 05, 2018 BY Valentina Kirilova

ASIC cancels Solar Financial Advisory’s AFS license

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…

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asic afs license
November 30, 2018 BY Valentina Kirilova

ASIC cancels Berndale Capital Securities AFS license

Australian regulator ASIC has informed earlier today that it has cancelled Melbourne based retail OTC derivative issuer, Berndale Capital Securities Pty Ltd’s (Berndale) Australian Financial Services (AFS) license. The official reasons ASIC pointed out are that Berndale: failed to take reasonable steps to ensure that its representative complied with financial services laws; failed to have…

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asic afs license
November 12, 2018 BY Valentina Kirilova

ASIC cancels AGM Markets license

Australian regulator ASIC has informed that it has cancelled the Australian financial services (AFS) license of the retail OTC derivative issuer, AGM Markets. An ASIC investigation found AGM’s financial services business involved core elements of unconscionability and unmanaged conflicts of interest and followed a business model that disregarded key conduct requirements. Specifically, the AFS licence…

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asic afs license
October 25, 2018 BY Valentina Kirilova

ASIC to cancel Austplan’s AFS license

Australian regulator ASIC has announced that it will cancel the Australian financial services (AFS) license of Austplan Pty Ltd (Austplan) effective from 25 November 2018 by agreement with the licensee. ASIC was concerned about Austplan’s ability to do all things necessary to ensure the advice provided by its representatives was compliant. Its surveillance found deficiencies…

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asic afs license
October 17, 2018 BY Valentina Kirilova

ASIC cancels AFS license of Red Summit

Australian regulator ASIC has just announced that it has cancelled the Australian financial services (AFS) license of WA-based Red Summit Trading Partners Pty Ltd (Red Summit). On 7 March 2018, ASIC suspended the AFS license of Red Summit until 7 September 2018 after it was found that the licensee was not carrying on its financial…

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asic afs license
August 01, 2018 BY Valentina Kirilova

ASIC cancels NSW Independent Insurance Brokers' AFS license

The Australian Securities and Investments Commission (ASIC) has just informed the public that it has cancelled the Australian Financial Services (AFS) license of NSW Independent Insurance Brokers Pty Ltd after finding it has ceased to carry on a financial services business. NSW Independent Insurance Brokers’ AFS license cancellation became effective on 19 July 2018. ASIC…

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asic ban
July 19, 2018 BY Valentina Kirilova

ASIC suspends AFS license of SMSF financial adviser

Australian regulator ASIC announced that it has banned Queensland financial adviser James Cribb from providing financial services for four years and suspended his Australian financial services (AFS) license, held by Mode AFSL Pty Ltd (Mode), for 10 weeks. ASIC found that Mr Cribb failed to act in his clients' best interests when providing advice on…

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June 29, 2018 BY Valentina Kirilova

ASIC cancels Dover Financial Advisers’ AFS license

On 28 June 2018, ASIC accepted a Court Enforceable Undertaking from Melbourne-based Dover Financial Advisers Pty Ltd and its sole director, Mr Terry McMaster. Mr McMaster is named as the Key Person on Dover’s AFS License (AFSL). Under the terms of the Court Enforceable Undertaking, Dover will cease operating its financial services business by 6…

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