ASIC cancels licence of wholesale advice firm

In a statement, ASIC said it had cancelled the licence of Squareknot Pty Ltd as of 6 May.

The regulator said it had made the cancellation after finding that "Squareknot did not meet the base level financial requirements of its licence".

"Under the Corporations Act, an AFS licensee must comply with the conditions of its licence," the regulator said.

"ASIC may suspend or cancel an AFS licence if a licensee does not comply with its licence conditions."

The Sydney-based group had been licensed to provide general advice on and deal in securities for wholesale clients since December 2015.

ASIC said the licence cancellation was part of its efforts to "improve standards and maintain public confidence in the financial services industry".