The corporate regulator has cancelled the licence of an Australian company authorised to provide advice on retail products to clients, following its entry into liquidation.
In a statement issued today, ASIC announced it has cancelled the AFSL and Australian Credit Licence of Capital Advisers, formerly trading as Freeman Fox Pty Ltd.
“The cancellations follow ASIC concerns the group was unable to comply with its licence conditions and it subsequently going into voluntary administration,” the statement said.
“ASIC’s concerns included Capital Advisers not having adequate compensation and insurance arrangements and failing to have measures in place to ensure their organisational competence.”
The company was placed in liquidation on 3 February.
More to come.
SUBSCRIBE TO THE IFA DAILY BULLETIN
News
- 20 Jul 2018CPA shutters financial advice divisionBy Reporter
- 20 Jul 2018Don't neglect AI, advisers warnedBy Tim Stewart
- 19 Jul 2018AMP unveils new in-house training programBy Reporter
- 19 Jul 2018Self-licensed adviser cops 4-year ASIC banBy Reporter
- 19 Jul 2018Hub24 to launch new core offeringBy Reporter
- 19 Jul 2018SMSF sector warns about advice ‘exodus’By Miranda Brownlee
- view all
