Indie Advice's License Axed by ASIC: Financial Inactivity Fallout

<p>The Sydney-based
financial services company Indie Advice Pty Ltd had its Australian financial
services (AFS) license canceled by the Australian Securities and Investments
Commission (ASIC) earlier this month, according to an announcement by the
regulator.</p><p>Financial Services
Provider Loses ASIC License</p><p>The
cancellation took effect on 19 January 2024. ASIC said the action was taken
after it was discovered that Indie Advice had stopped providing financial
services for a period of time. Under Australian corporation law, ASIC has the
authority to suspend or cancel an AFS license if the licensee no longer
supplies financial services.</p><p>Indie
Advice was first granted AFS license number 511786 in October 2018, allowing
the company to furnish financial product advice to retail and wholesale
patrons.</p><p>While canceled,
the license will continue to be in effect until 30 June 2024. <a href="">ASIC</a> said this
extension would allow Indie Advice to maintain its internal and external
dispute resolution services during the transition period.</p><p>The
announcement did not provide further details on why Indie Advice halted
operations or its future plans. ASIC said that the cancellation only came after
it "became aware that Indie Advice had not been providing financial
services for some time."</p><p>Last ASIC Activity</p><p>A month
ago, ASIC suspended <a href="" target="_blank" rel="follow">Prospero Markets Pty Ltd's license</a> due to the company's
failure to submit appropriate financial reports. Prospero operates as an
over-the-counter derivatives issuer offering FX/CFDs instruments. The
suspension is in effect until 28 February 2024.</p><p>Previously,
ASIC officially <a href="" target="_blank" rel="follow">canceled the Remi Investment Services Pty Ltd license</a> following
the company's suspension of operations.</p><p>ASIC Extends Registration Deadline</p><p>Last week,
the Australian market watchdog <a href="" target="_blank" rel="follow">granted a two-week extension</a> for AFS license
holders to register their financial advisers who provide personal advice to
retail clients. The deadline for registration has been postponed multiple times
previously, with the new deadline now set for 16 February 2024.</p><p>"The
provision of personal advice by unregistered advisers is prohibited and carries
significant penalties," said the ASIC Commissioner, Alan Kirkland. "ASIC
has provided a short extension in recognition of the fact that the initial
period for registration has coincided with the summer holiday period."</p>

This article was written by Damian Chmiel at

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