ASIC cancels stagnant SMSF AFSL

ASIC cancelled licence

The licence of a Victorian-based SMSF financial adviser has been cancelled by ASIC after services to retail clients ceased.

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of a Victorian-based SMSF financial adviser after he stopped providing services to retail clients.

In accordance with the Corporations Act, ASIC has cancelled the licence of Jyoti Rahman, who has held a limited AFSL since 8 February 2017, as he ceased providing financial services.

As a licensee, Rahman had the responsibility of providing financial product advice on SMSFs to retail clients.

The regulator advised licensees that are no longer in need of their AFSL can apply to ASIC to have it cancelled, meanwhile it confirmed its authority to cancel a licence if a financial service business is deemed to have ceased carrying out its responsibilities.

In addition, ASIC reminded financial advisers with retail client authorisation that they are expected to maintain professional indemnity insurance and membership with the Australian Financial Complaints Authority.

It noted Rahman can review the cancellation decision with an application to the Administrative Appeals Tribunal.

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital