View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
February 13, 2014updated 04 Apr 2017 2:30pm

ASIC cancels Capital Advisers’ AFS license

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) license of Capital Advisers for entering into liquidation.

By Verdict Staff

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) license of Capital Advisers.

Following ASIC’s decision to cancel the licenses, Capital Advisers was placed into liquidation.

The Australian credit license of Capital Advisers has also been cancelled as they were unable to comply with ASIC’s license conditions and it subsequently going into voluntary administration.

ASIC said it cancelled the licenses as Capital Advisers do not have adequate compensation and insurance arrangements and failed to have measures in place to ensure their organizational competence.

Under the Corporations Act, ASIC has the power to suspend or cancel an AFS license, without holding a hearing, if the licensee is placed under external administration.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International