ASIC cancels AFS licence of Financial Services Group Australia

ASIC Cancels Financial Services Group Australia’s AFS Licence

ASIC said FSGA had failed to ensure that two of its representatives provided financial advice appropriate to clients’ circumstances or in their best interests.  The company also lacked adequate financial and human resources, failed to lodge financial statements and breach reports on time, and did not comply with licence conditions requiring its assets to exceed liabilities in both 2022 and 2023. Although FSGA’s licence is cancelled, ASIC said th…

ASIC cancels AFS licence of Financial Services Group Australia

ASIC has cancelled the Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA).