In a statement, ASIC said it had cancelled the licence of Victorian-based financial services provider Jyoti Rahman because the licensee was no longer providing financial services.
Jyoti Rahman had held a limited AFS licence to provide SMSF-related advice to retail clients since February 2017.
“Licensees that no longer need their AFS licence can apply to ASIC to have their licence cancelled,” ASIC said.
“ASIC may also take action to cancel a licence when a licensee has ceased to carry on a financial services business.”
Riveting news !
Glad they are concentrating on the big ticket items, wowee!
Yep Accountants have very clearly told ASIC to get Stuffed !!!
No more limited AFSLs, too costly, to many Regs, costly PI, kangaroo court AFCA, FARSEA, etc etc.
So Accountants go back bucket loads of illegal AFSL SMSF Advice with Zero AFSL compliance.
And ASIC will do Nothing about it !!!!!
ASIC have never once busted a single Accountant for illegal AFSL Advice and zero AFSL compliance, never hey ASIC.
I agree with all your points. However, it is spelt “FARCE-IA” 🙂
Will ASIC be reporting every single licence that is cancelled due to retirement?
They will be extremely busy at the end of this year and end of 2024 then!
another stat…cheap points
Still waiting for one CEO to give their bonuses back for deceiving customers for FEES FOR no service which is essentially finding them guilty of obtaining financial advanatage by deception. But go on ASIC take it out on us IFA’s. Where is the best interest from the jokers and inept at ASIC. I’m sick of hearing about the action taken against advisers and criminal charges against a company. Jail the CEO’s…or has ASIC been bought and paid for by these Banks, Insurance companies and the Industry Fund Sector.
Slow press release day for ASIC? Cancelling the obvious. It sounds exactly like the Chiefs of Police getting up and telling us how wonderful they are for fining people not wearing masks.
Yes, a bit strange from ASIC and very strange otherwise.