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ASIC cancels licence of Victorian SMSF adviser

ASIC cancels license of Victorian SMSF adviser
Tony Zhang
03 August 2021 — 1 minute read

The corporate regulator has cancelled the licence of a Victorian SMSF advice provider that has exited the industry.

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.

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“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.

ASIC cancels licence of Victorian SMSF adviser
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