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ASIC cancels financial advice AFSL

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.