ASIC cancels licence of Melbourne wealth firm
ASIC cancels licence of Melbourne wealth firm
The corporate regulator has cancelled the financial services licence of a Melbourne wealth management firm after finding it lacked the resources to keep up with its obligations.
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In a statement, ASIC said it had cancelled Mortgage & General Financial Services’ licence because it had “failed to demonstrate it had the competence and resources to provide financial services and credit activities as required under its licences”.
ASIC said the group had failed to appoint a new key person, which was required under its licence, after the death of a staff member who previously held the role.