The corporate regulator has cancelled the Australian Financial Services Licence of Sydney-based advice firm Solar Financial Advisory.
The cancellation was effective from 21 November, and is a result of ASIC's surveillance of Solar following concerns about licensee oversight, according to a statement.
The surveillance focused on the adequacy of Solar's policies and procedures, and the quality of advice provided to clients.
ASIC found that Solar had failed to:
- manage conflicts of interest;
- ensure its representatives complied with financial services laws;
- properly monitor and supervise its representatives, including by failing to conduct audits; and
- adequately manage its internal dispute resolution process.
“As a result of ASIC's surveillance findings, Solar appointed a liquidator on 30 October 2018. Solar’s sole director at the time was Ms Maria Cheer, who was also its founder and an authorised representative,” ASIC said.
“The cancellation of Solar’s AFS licence is part of ASIC’s ongoing efforts to improve standards across the financial service industry.”
Solar Financial Advisory had held its AFSL since 18 January 2013.
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