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.
Most retirees fear outliving their savings: Research
Two-thirds of retirees in Australia who have been out of the workforce for at le...
SuperConcepts offers pro bono support to SMSF clients
AMP subsidiary SuperConcepts has announced free assistance to SMSF clients who h...
MLC Wealth hires tech, operations chief
MLC’s wealth business has appointed a chief technology and operations officer ...