SML’s sole investment scheme, Southern Mortgage Fund, commenced winding up in August 2014. As of the date of the licence cancellation, it is still being wound up.
“A responsible entity must carry on their duties with reasonable care and diligence. This includes actively monitoring each scheme and, where necessary, winding up a scheme that is no longer viable in a timely manner,” said ASIC Commissioner Danielle Press.
“ASIC took action to cancel the licence of SML because we formed the view it was not completing the wind up of the Scheme in a timely manner, nor continuing to comply with their core duties as a licensee.”
SML did not maintain sufficient financial resources and failed to lodge its financial statements and audit reports for consecutive years since 30 June 2015. SML also did not comply with its obligation to hold membership of a dispute resolution system.
The licence cancellation was effective from 24 September 2019. Under the terms of the cancellation, SML can continue limited operations until 24 March 2020 to facilitate the winding up of its Southern Mortgage Fund.
What about CBA and the credit insurance fiasco revealed in RC evidence. Was it not $250 million per annum profit from a defective product?
Why does AMP still have their licence ??????
They haven’t cancelled AMP’s license yet or even suspended it for a single second. Yet here we are…going to be doing the “AMP annual opt in notice.” …. What a legacy AMP has left to financial planning community. Annual opt in’s. Thanks AMP for your contribution and clearly it seems like ASIC is bed with the big end of town.
What has this AFSL cancellation have to do with AMP? As for annual opt in, AMP didn’t inflict that upon advisers nor did they solely cause it to come into play so please come up to speed on the failing of the industry be it at the big and small end of town!