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ASIC cancels licence of Victorian SMSF adviser
The corporate regulator has cancelled the licence of a Victorian SMSF advice provider that has exited the industry.
ASIC has cancelled the Australian financial services (AFS) licence of Victoria-based financial services licensee Jyoti Rahman.
The AFS licence was cancelled because the licensee is no longer providing financial services.
“Licensees that no longer need their AFS licence can apply to ASIC to have their licence cancelled. ASIC may also take action to cancel a licence when a licensee has ceased to carry on a financial services business,” ASIC said.
“Until ASIC has cancelled an AFS licence, ASIC expects licensees who hold a retail client authorisation to maintain professional indemnity insurance and membership with the Australian Financial Complaints Authority.”
Mr Rahman may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Previously, Mr Rahman held a limited AFS licence to provide financial product advice about SMSFs to retail clients since 8 February 2017 .
Under the Corporations Act, ASIC may suspend or cancel an AFS licence if the licensee is no longer providing financial services.
Tony Zhang
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.
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