Australia’sncorporate regulator ASIC has canceled the AFS license of a Queensland-based financial advice firm, Fentborough Pty Ltd, that failed to lodge its financial accounts.
July 26, 2021, | AtoZ Markets – The Australian Securities and Investments Commission (ASIC) has canceled the Australian financial services (AFS) license of Queensland based financial services provider Fentborough Pty Ltd
According to corporate regulators’ announcement, the AFS license of Fentborough was canceled after it failed to lodge its annual accounts and compliance certificates for the financial years ended June 30, 2019, and June 30, 2020, and failed to maintain membership with AFCA.
Fentborough, which had been licensed since May 13, 2016, was no longer carrying on a financial services business and does not intend to carry on business under the license in the near future, ASIC said.
“The cancellation of Fentborough’s AFS licence is part of ASIC’s ongoing efforts to improve standards across the financial services industry.”
Under the Corporations Act 2001, ASIC may suspend or cancel an AFS license if the licensee fails to meet its legal obligations, including its obligations to lodge financial statements and auditor’s reports annually and hold membership of a dispute resolution system.
Fentborough may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
As a reminder, the AFS license of Trade Wind FS was canceled and its former financial adviser, Adam Bevan, was banned from providing financial services for five years for failing to act in the best interest of his clients.
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