ASIC has forced Australian financial services (AFS) licensee Kalkine Pty Limited to appoint an independent compliance consultant to address concerns regarding customer service representatives providing unlicensed advice. Kalkine is a Sydney-based financial services group that provides equity research reports using a subscription service available on their website. Kalkine has held an AFS licence (licence number […]
ASIC has cancelled the Australian financial services (AFS) licence of Spectre Financial Group Australia Pty Ltd (Spectre) for failing to maintain organisational competence, which is a core obligation of an AFS licensee under the Corporations Act. Spectre held an AFS licence since 23 October 2018 but ceased providing any financial services approximately three years ago. […]
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services licence (AFSL) of the Queensland financial services provider Thistle Financial Group. Thistle Financial Group had ceased to carry on a financial services business, which caused ASIC to cancel their AFSL as under section 915B of the Corporations Act. Background Thistle Financial Group […]
ASIC has released updated regulatory guidance to support the introduction of new laws governing the Buy Now Pay Later (BNPL) sector, ahead of changes due to take effect on 1 July 2025. Summary of the New Guidance The updated guidance clarifies how BNPL providers must comply with responsible lending obligations under the new regime, which […]
Macquarie Bank Limited has been issued additional conditions on its Australian Financial Services (AFS) licence following repeated and significant compliance failures across its futures trading and derivatives reporting operations. Several of the issues went undetected for extended periods, raising serious regulatory concerns. Key Compliance Failures Futures Dealing Operations: Macquarie failed to prevent 11 suspicious orders […]
The Federal Court has ordered DOD Bookkeeping Pty Ltd (formerly known as Equiti Financial Services Pty Ltd) to pay $11,030,000 in penalties after findings of serious misconduct involving conflicted remuneration and the provision of unsuitable financial advice. Background Between 2016 and 2019, Equiti Financial Services Pty Ltd (Equiti FS) advisers systematically recommended clients establish self-managed […]
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of Viridian Equity Group Pty Ltd. This action follows compensation payments made by the Compensation Scheme of Last Resort (CSLR) totalling $450,000, after Viridian failed to meet obligations under three Australian Financial Complaints Authority (AFCA) determinations issued on 31 October […]
The Australian Securities and Investments Commission (ASIC) has suspended the Australian Financial Services (AFS) licence (number 239 946) held by Beacon Wealth Pty Ltd until 7 April 2026. The suspension follows Beacon Wealth Pty Ltd ceasing to carry on a financial services business. In June 2024, the company underwent a complete change in ownership and […]
The Australian Securities and Investments Commission (ASIC) recently discussed the evolving role of Annual General Meetings (AGMs) in corporate governance. This discussion centered on the increasing importance of technology in fostering greater transparency and shareholder participation. AGMs have traditionally served as vital forums for companies to communicate with their shareholders, ensuring accountability and open dialogue. […]