ASIC cancels licence of SMSF advice firm

In a statement, ASIC said it had cancelled the licence of Queensland financial services provider Fentborough after it failed to lodge its annual accounts and compliance certificates for the financial years ended 30 June 2019 and 30 June 2020, and failed to maintain membership with AFCA.

Fentborough had been licensed to provide advice limited to SMSFs since 2016.

“Fentborough was no longer carrying on a financial services business and does not intend to carry on business under the licence in the foreseeable future,” ASIC said.

“The cancellation of Fentborough’s AFS licence is part of ASIC’s ongoing efforts to improve standards across the financial services industry.”