Corporate watchdog cancels 2 AFSLs

In a statement, the regulator said it had cancelled the AFSL of self-licensed adviser Robert Starky of Stanwell Tops, NSW on 29 April.

ASIC said it had cancelled Mr Starky’s licence after he failed to pay an AFCA determination against him, resulting in the cancellation of his membership to the ombudsman.

Mr Starky had also failed to lodge his 2020 financial accounts, ASIC said.

“Australian financial services licensees must comply with their licence conditions and have adequate resources to provide the financial services covered by their licence,” the regulator said.

“ASIC may suspend or cancel an AFSL if a licensee fails to meet its obligations.”

Further, ASIC said it had also cancelled the licence of Victorian financial services provider Direct My Wealth on 5 May.

The regulator said Direct My Wealth had failed to maintain its AFCA membership and had also neglected to lodge its 2020 financial accounts.

Direct My Wealth had held a financial services licence since 2016.