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ARTICLE · 02 OCTOBER 2022

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ASIC cracks down on AFSL holders and financial advisers

Sophie Grace Pty Ltd
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Failure to comply with these financial services laws can result in heavy fines and tough penalties.

AustraliaFinance and Banking
Hannah Murray
Hannah Murray
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In an attempt to improve standards across the financial services industry, the Australian Securities and Investments Commission (ASIC) is cracking down on companies and individuals that fail to comply with their obligations.

Failure to comply with the financial services laws can lead to heavy fines and tough penalties for you/or your business. ASIC's recent enforcement action highlights these penalties, including the cancellation of a number of Australian Financial Services Licences (AFSL) and banning of several company directors, financial advisors and responsible managers from operating for significant periods of time.

Licence Cancellations

ASIC cancelled the AFSL of Quattro Capital Group (Quattro). Quattro held an AFSL for 13 years, however after a thorough investigation beginning in 2021, ASIC found that Quattro:

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