In a statement, ASIC said it had cancelled the licence of Queensland financial services provider Fentborough after it failed to lodge its annual accounts and compliance certificates for the financial years ended 30 June 2019 and 30 June 2020, and failed to maintain membership with AFCA.
Fentborough had been licensed to provide advice limited to SMSFs since 2016.
“Fentborough was no longer carrying on a financial services business and does not intend to carry on business under the licence in the foreseeable future,” ASIC said.
“The cancellation of Fentborough’s AFS licence is part of ASIC’s ongoing efforts to improve standards across the financial services industry.”
If only they were named Dixon Advisory they could have kept their licence…
One assumes they’ll just go back to giving unlicensed advice, like most other SMSF advice providers.
So one less dodgy SMSF firm means they now become unlicensed and no longer need to pay ASIC ever increasing levies which means remaining firms costs just keep going up…
ASIC Gold…!
The movement against these unsustainable rises has begun on this change.org link below :
https://www.change.org/p/the-joint-parliamentary-committee-into-corporations-and-financial-services-australia-needs-good-financial-planners