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:
“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.
Leaders in financial services have the opportunity to widen their moats against upstart competitors. ...
The advice industry is currently in a budding phase but will “bloom in the next three to five years”, according to a new white paper. ...
ASIC has banned a Melbourne-based adviser from providing financial services and performing any function in a financial services business for six years...