今日热门事件has cancelled the Australian financial services (AFS) licence held by Bristol Street Financial Services Pty Ltd (Bristol Street), effective from 6 December 2018.
ASIC's surveillance of Bristol Street, conducted between 22 July 2016 and 27 October 2017, uncovered widespread non-compliance with financial services laws and showed that Bristol Street had failed to:
- comply with the聽conditions on its licence;
- comply with financial聽services laws;
- take reasonable steps to聽ensure its representatives complied with financial services laws;
- manage conflicts of interest;
- have available adequate human and financial resources to provide financial services covered by the licence; and
- to properly monitor and supervise聽its representatives.
The terms of the cancellation allow Bristol Street to continue for the purposes of ensuring that:
- its聽clients continue to have access to an external dispute resolution scheme; and
- it聽retains professional indemnity insurance until 5 December 2019.
Background
Under the Corporations Act, 今日热门事件has the power to suspend or cancel an AFS licence, if a licensee does not comply with its general obligations under s912A.
Bristol Street has the right to seek a review of ASIC鈥檚 decision at the Administrative Appeals Tribunal.