In a statement on Thursday, ASIC confirmed it has cancelled the Australian financial services licence of CMH Financial Group Pty Ltd (CMHFG).
The corporate regulator said that the licence has been cancelled because CMHFG failed to maintain external dispute resolution membership with the Australian Financial Complaints Authority.
Additionally, the firm failed to lodge its profit and loss statements and balance sheets for the 2019, 2020 and 2021 financial years.
“Under the Corporations Act, ASIC may suspend or cancel an AFS licence if a licensee fails to meet its general obligations under s912A. This includes the obligation to hold membership of a dispute resolution system and lodge financial statements annually with ASIC,” ASIC said.
The cancellation took effect on 25 August 2022 and ASIC noted that CMHFG may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
The firm had held an Australian financial services licence since 19 June 2012.
In March 2016, ASIC accepted an enforceable undertaking from CMH Financial Group Pty Ltd and its sole director at the time, Daniel White, after surveillance found that it had failed to provide advice about SMSFs that was appropriate and in the best interests of clients.
“ASIC’s surveillance identified examples where financial product advice to clients about SMSFs did not demonstrate that the advice provider had acted in the best interests of the client and did not comply with product replacement advice disclosure obligations,” the regulator said at the time.
Separately, the corporate regulator confirmed it has cancelled the AFS licence of James B Cogan.
“The licence was cancelled because Mr Cogan is no longer carrying on a financial services business,” ASIC said.
It explained that it “may cancel an AFS licence held by an individual if the person ceases to carry on a financial services business”.
Asic needs to leave the industry, worst fees for no service culprit out there. Sting me with a multi thousand levy every year and litigate failed cases and bully my peers. If they win won they keep the funds in general revenue. Appalling and disgusting leeches
Here we go now attacking the small guy
More genocide
Bet you don’t post it?
Next time add in odds and we’ll talk.
ASIC wouldn’t dare cancel the licenses of the big players who were exposed during the RC and had multi billion dollar remediation bills. They just go after the little guys to claim an easy scalp. It is truly appalling that AMP and the big banks get a small fine then get back to business as usual.
Whoppie do so the guy is no longer in the industry ASIC must be hard up for staying In the news