ASIC cancels Sydney firm’s AFSL
ASIC has said it cancelled the AFSL of a Sydney-based licensee for failing to comply with its reporting duties.
In a statement, the corporate regulator said it cancelled the AFSL of Etern Wisdom Global, a licensee that provides general financial product advice to Australian retail clients.
ASIC said it found Etern Wisdom had failed to lodge financial statements, auditor reports and auditor opinion over consecutive years, which is a breach both of its legal obligations and its licence conditions.
Etern also failed to advise ASIC in writing within 10 business days of the firm's becoming aware of the breach, the statement said.
ASIC deputy chair Peter Kell said: “Licensees are required to lodge financial statements with ASIC to demonstrate their capacity to provide financial services. Failure to comply with reporting obligations can be an indicator of broader compliance concerns.”
“We are disappointed that some licensees have not heeded the message that their failure to lodge audited financial statements, a key obligation of licensees, may result in the cancellation of their licence. We continue to focus on this obligation and will take further action where licensees do not comply.”
Etern Wisdom has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Financial coaching a potential ‘saving grace’ for advice
A trend of experienced advisers moving to financial coaching of new entrants rat...
ANZ falls in line with enforceable undertaking
The corporate regulator has announced that ANZ has complied with its court enfor...
Lonsec hires wealth management sales head
Research house Lonsec has brought on a new head of wealth management sales in re...