Aggregated News From Investment Management Regulators

ASIC suspends the AFS licence of Ballast Financial Management Pty Ltd

Report/Flag

Please complete the required fields.



ASIC has suspended the Australian financial services (AFS) licence of Perth-based financial advice provider Ballast Financial Management Pty Ltd (Ballast) until 18 December 2020.

The licence was suspended because Ballast had ceased to carry on a financial services business. Under s915B of the Corporations Act 2001, ASIC may suspend or cancel an AFS licence without offering a hearing if the licensee ceases to carry on the financial services business.

Ballast ceased carrying on a financial services business when it was unable to obtain professional indemnity insurance to comply with its obligation to have adequate compensation arrangements.

Under s912B of the Corporations Act 2001, AFS licensees must have arrangements for compensating retail clients for losses they suffer as a result of the licensee or its representatives breaching their obligations in Chapter 7.

The 10-week suspension will give Ballast sufficient time to put in place adequate compensation arrangements. The suspension also provides Ballast an opportunity to identify and appoint an appropriately qualified and experienced responsible manager following the resignation of its previous responsible manager.

If Ballast is unable to demonstrate that it is in a position to recommence its financial services business by the end of the 10-week suspension, ASIC will consider cancelling its licence.

Background

Ballast Financial Management Pty Ltd has held AFS licence no. 233180 since 1 October 2003.

Source link

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

Recent Articles

SEC Charges Eagle Bancorp and Former CEO with Failing to Disclose Related Party Loans

Washington D.C., Aug. 16, 2022 — The Securities and Exchange Commission today charged Eagle Bancorp, Inc.

Warning regarding unregulated entities

See a PDF of the Warning published by the Cyprus Securities and Exchange Commission (CySEC CY) here: Source link

Announcement for a Case of Carrying out Securities Business without Authorisation

In line with the Capital Market Authority's (CMA) responsibilities to protect citizens and investors from unfair and unsound practices, and aiming to achieve fairness,...

OCC Hosts Risk Governance and Compliance Risk Workshops in Minneapolis

  • +1Bank Management, Banker Education, Board of Directors & Management, Community Banks
News Release 2022-99 | August 15, 2022 Share This Pag

Get the latest from Regulatory.News in your inbox!

×