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.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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