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.
if you canbot manage your own business ie pay trhe rent, How can you be expected to manage clients Money!!!
What, paying their rent was a condition of their AFSL??
Considering they were locked out of their offices by the landlord for not paying rent I am guessing the consumers probably have a legitimate complaint.
As consumers, do we planners have an ombudsman if we have a complaint to raise against ASIC or FOS or even our dealergroup? Where the hell are our rights? Know nothing about Stellar or the planners quality of advice, but ‘ASIC urging consumers to contact FOS’ is simply encouraging people even if there isn’t any real issue – particularly with how markets are.