ASIC cancels AFSL of Sydney adviser
ASIC has cancelled the Australian financial services licence of a Sydney-based adviser who entered into an enforceable undertaking with the regulator in February.
The cancellation of AIE Financial Services Pty Ltd's licence followed an application by AIE.
The application was made after ASIC raised a number of concerns about the management of AIE and its compliance with the AFS licence obligations, in particular, of the monitoring and supervision of certain authorised representatives.
On February 19 ifa reported that the director of AIE director Manish Babulal Jani had entered into an enforceable undertaking that would see him prevented from managing a company or providing financial services for five years and two years respectively.
An ASIC investigation conducted in 2013 found Mr Jani to be in breach of a number of AFSL obligations, including the "failure" to maintain proper records and accounts; to adequately supervise authorised representatives of the licence; to retain a dispute resolution system; and to have appropriate risk management processes in place.
Sydney-based AIE was previously called The International Securities and Derivatives Group Pty Ltd and provided financial product advice in relation to securities, derivatives and foreign exchange contracts.
Disclosure doesn’t stop poor advice outcomes, ASIC finds
A new report from the corporate regulator has found that disclosure alone is oft...
AFSLs to be relieved from compliance scheme
Licensees will be given relief from financial adviser compliance scheme obligati...
First Sentier does tech stocks and sandwich makers
The rebranded CFS asset manager covered a few household names and some of the mo...