AFSL of WA advice firm cancelled

ASIC has cancelled the Australian Financial Services Licence of a Perth-based securities dealer and financial adviser for breaching licence conditions.

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by Reporter - July 31, 2013 4 comments

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.