The Administrative Appeals Tribunal has upheld ASIC’s decision to refuse a limited Australian financial services licence to a company that wanted to provide SMSF product advice.

The Administrative Appeals Tribunal has upheld an Australian Securities and Investments Commission decision to reject an application for an Australian financial services licence by an SMSF service provide.

ASIC figures have shown limited licence application are still at low levels. 

ASIC will use recommendations from the Productivity Commission and banking royal commission to inform its next review of advice in the SMSF sector.