Financial planning business has its AFSL cancelled

Jane, looks like ASIC have been even more hardnosed with AAAFI:

http://www.asic.gov.au/asic/asic.nsf/byHeadline/13-019MR%20ASIC%20cancels%20licences%20of%20national%20financial%20planning%20business?opendocument

Jane, not bitter at all. I have just seen the results of some of this "advice", such as from the likes of Anne O'Neill under the Storm License. I have had to tell 65+ year old clients of Anne's that, because of her "advice", they have had to sell their home and start renting.

Pat, quite a bitter person from the sound of your comments. I have had a AAAFI advisr for quite a few years and have had nothing but the best, ethical advice possible. I try, especially where ASIC are concerned, to have an open mind with regard to media stories. I have made a few queries over that last few days and I think ASIC have been especially hard nosed with this lot and are using them as a scape goat. If ASIC have their way there will be no smaller dealer groups left shortly...

Sorry Barry, my mistake, because an EU to permanently refrain from providing financial services is very different to being banned.

Actually Pat I offered an Enforceable Undertaking not banned by ASIC.

Forgot to mention that AAA Shares and AAA Financial Intelligence have authorised a Barry Hassell who was permanently banned from giving advice.

You have to wonder what kind of people AAA Shares/Financial Intelligence attracts to be authorised.

AAA Shares has the same AFSL as AAA Financial Intelligence, the AFSL holder who authorised, at times:

Faye Kotsis - through Heritage Financial Solutions or something has allegedly provided dodgey geared property advice (sounds all too common) including inappropriate SMSF lending advice. Fairfax exposed her last year;
Anne O'Neill - ex-Storm "adviser"
John Fullerton-Smith - ex-Storm "adviser" and has since been banned from giving advice by ASIC.

I don't know a lot about this group, but they sound very credible. Their website shows little information as to who is running the show, if anyone.

Another one bites the dust

Who the hell is AAA Shares Pty Ltd? What about Macqaurie Equities?