Increasing Misuse of AFSLs Attracts Attention of ASIC

[kreslik.news]

Misleading information provided by Australian Financial Services Licensees (AFS Licensees) in their marketing and promotional material has been a long running concern for the Australian Securities and Investments Commission (ASIC), particularly in relation to the financial services being provided to retail clients.

Instances where AFS Licensees provide misleading information on their website in relation to the financial services they are authorised to provide can result in an ASIC investigation and in some cases, the cancellation or suspension of the AFSL.

For example, many Chinese entities have purchased AFSLs which they proceed to use as a regulatory reference on their website which promotes ... (read more)