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ARTICLE · 20 JULY 2025

AFS Licensee And Responsible Manager Failings – ASIC Enforcement

Sophie Grace Pty Ltd
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This enforcement action highlights the importance of robust governance and compliance frameworks for AFS licensees and their RMs.

AustraliaFinance and Banking
Alicia Pevely
Alicia Pevely
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ASIC has cancelled the Australian Financial Services Licence ("AFSL") of Financial Services Group Australia Pty Ltd ("FSGA") and permanently banned its Responsible Manager ("RM"), Graham Holmes ("Mr Holmes"). This enforcement action highlights the importance of robust governance and compliance frameworks for AFS licensees and their RMs.

Following a targeted review, ASIC identified several significant breaches of the Corporations Act, including:

  • Providing Inadequate Financial Advice: Failure to ensure that financial product advice provided by representatives was appropriate and in clients' best interests.
  • Resource Deficiencies: Insufficient financial and human resources to support the services authorised under the AFSL.

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