ASIC has cancelled the financial licence of a Queensland-based financial planning service after finding that the group had failed to comply with its licence conditions.
Bristol Street Financial Services, based in Queensland, has had its licence cancelled after an ASIC investigation found it had widespread non-compliance with a number of laws.
Between July 2016 and October 2017, ASIC conducted a surveillance operation on the group and found it had failed to comply with the conditions on its licence and failed to comply with financial services law.
ASIC also found the group had failed to take reasonable steps to ensure its representatives complied with the law and had failed to manage conflicts of interest.
Bristol Street was also found to have failed to have adequate resources to provide services and had failed to properly monitor and supervise its representatives.
The terms of the cancellation allow Bristol Street to continue for the purposes of ensuring that its clients continue to have access to an external dispute resolution scheme and it will retain professional indemnity insurance until early December 2019.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
The number of Australians entering retirement has presented an enormous opportunity for financial advisers according to an investment specialist. ...
Sally Loane is stepping down as the CEO of the Financial Services Council after seven years at its helm. ...
Macquarie Group's asset management division is plotting its US expansion. ...