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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Oct 2017ISA ups ante on governance lobbyingBy Aleks Vickovich
- 18 Oct 2017Midwinter and PractiFI announce integrationBy Staff Reporter
- 18 Oct 2017Hub24 announces partnership with EurozBy Staff Reporter
- 18 Oct 2017Former NZ PM joins ANZBy Staff Reporter
- 18 Oct 2017IRESS and SuiteBox announce Xplan integrationBy Staff Reporter
- 17 Oct 2017Shipton ‘most qualified’ for ASIC role: O’DwyerBy Aleks Vickovich and Jessica Yun
- view all