ASIC has cancelled the Australian financial services (AFS) licence of Victoria-based financial services licensee Jyoti Rahman.
The AFS licence was cancelled because the licensee is no longer providing financial services.
“Licensees that no longer need their AFS licence can apply to ASIC to have their licence cancelled. ASIC may also take action to cancel a licence when a licensee has ceased to carry on a financial services business,” ASIC said.
“Until ASIC has cancelled an AFS licence, ASIC expects licensees who hold a retail client authorisation to maintain professional indemnity insurance and membership with the Australian Financial Complaints Authority.”
Mr Rahman may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Previously, Mr Rahman held a limited AFS licence to provide financial product advice about SMSFs to retail clients since 8 February 2017 .
Under the Corporations Act, ASIC may suspend or cancel an AFS licence if the licensee is no longer providing financial services.
