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.
The FAAA has expressed concern regarding one area of the first tranche of QAR legislation that could potentially impose ...
The FSC CEO will join a long line-up of renowned speakers at the inaugural summit. Blake Briggs, chief executive ...
Legislation tabled in Parliament on Wednesday has made some amendments to ongoing fee arrangements and consent ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin