ASIC has cancelled the AFSL of Queensland-based financial advice firm Advamode Financial at its request after it was placed into liquidation.
The corporate regulator announced today that the licence cancellation took effect after Advamode was placed into liquidation on 4 May.
The liquidation and cancellation follows previous ASIC action against Advamode that led to licence conditions being imposed on the firm on 2 September 2015, the statement said.
ASIC questioned then whether Advamode undertook adequate research into its financial products and whether it had suitable arrangements for the management of conflicts of interest.
Advamode’s licence remains in effect for the purposes of External Dispute Resolution Scheme membership and client compensation purposes, the statement said.
ASIC also notes that clients who received any advice from representatives of Advamode can still lodge a complaint and are encouraged to do so as soon as possible.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 23 Jul 2018AAT reduces adviser’s banning periodBy Reporter
- 23 Jul 2018BT announces Panorama pricing changesBy Reporter
- 23 Jul 2018Investment consulting arrangements under scrutinyBy Tim Stewart
- 20 Jul 2018CPA shuts financial advice divisionBy Reporter
- 20 Jul 2018Don't neglect AI, advisers warnedBy Tim Stewart
- 19 Jul 2018AMP unveils new in-house training programBy Reporter
- view all