ASIC has cancelled the Australian Financial Services Licence of a Perth-based securities dealer and financial adviser for breaching licence conditions.
According to an ASIC statement, Stellar Securities Pty Ltd – a securities dealer that “provided financial advice and dealt in financial products for retail and wholesale clients” – was unable to comply with its AFSL conditions, forcing the regulator to take action.
ASIC surveillance found the company had failed to comply with requirements, including its financial obligations.
“At the same time Stellar Securities requested ASIC cancel their licence under section 915B(3)(d) of the Corporations Act 2001 (Corporations Act),” the statement said.
“As part of the licence cancellation, ASIC imposed conditions that Stellar Securities for the next 12 months extend professional indemnity insurance and maintain its membership of an external dispute resolution service.”
ASIV is urging consumers “who have complaints about their dealings with Stellar Securities” to cotact the Financial Ombudsman Service.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Sep 2018Independent advice will prosper but must be paid for: LovedayBy James Mitchell
- 21 Sep 2018Former ASFA policy advisor to boost FPA ranksBy Reporter
- 21 Sep 2018Aligned advisers in search of freedomBy Adrian Flores
- 20 Sep 2018Banned Perth adviser did not engage in dishonest conductBy James Mitchell
- 20 Sep 2018‘No advisers have been mistreated’: DalyBy James Mitchell
- 20 Sep 2018Beacon advisers held ‘ransom’ while IIOF money remains missingBy James Mitchell
- view all