ASIC revokes licence of SMSF advice firm
ASIC has cancelled the AFS licence of a Queensland-based SMSF advice firm that failed to lodge its financial accounts.
The regulator has cancelled the Australian financial services (AFS) licence of Queensland-based financial services provider Fentborough Pty Ltd (Fentborough).
ASIC found that Fentborough failed to lodge its annual accounts and compliance certificates for the financial years ended 30 June 2019 and 30 June 2020 and failed to maintain membership with the Australian Financial Complaints Authority (AFCA).
“Fentborough was no longer carrying on a financial services business and does not intend to carry on business under the licence in the foreseeable future,” ASIC stated.
“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 licence 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.
This comes as the regulator had also recently banned a Gold Coast adviser and cancelled his AFS licence for failing to act in the best interest of clients during the provision of super advice.
Tony Zhang
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.
