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This Week In Penalties...

December 5, 2018

 

 

Solar Financial loses their AFS License

 

Solar Financial Advisory has lost its Australian Financial Services License (AFSL) because of what the Australian Securities and Investments Commission (ASIC) defined as licensees’ oversight.

 

The regulator said that this action is part of their efforts to clean up the financial system.

 

ASIC said that its surveillance focused on solar financial policies and procedures as well as the quality of advice provided.

ASIC said that the company failed to:

  • manage conflicts of interest

  • ensure its representatives complied with financial services laws

  • properly monitor and supervise its representatives including by failing to conduct audits, and

  • adequately manage its internal dispute resolution process.

 

License lost for non-compliance

ASIC has cancelled Vesta Living communities for failing in its compliance and reporting obligations.

They also failed to carry out their undertaking after their license was just suspended in May of this year.

 

 

 

Brokers banned form financial services

Three Victorian brokers have been permanently banned by the Australian Securities and Investments Commission (ASIC) from providing financial services or credit activities.

 

ASIC said that Najam Shah, Mohamed Ahmed, Aziz Hassan were accused of creating false documents to defraud financial institutions of approximately $ 170 million.

 

The regulator added that the three men are currently serving jail sentences. 

 

“ASIC has determined, as a consequence of their criminal convictions, that Mr. Shah, Mr. Ahmed, and Mr. Hassan are not of good fame or character to provide financial services and are not fit and proper people to engage in credit activities,” the regulator said.

 

 

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