Financial planning business has its AFSL cancelled

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ASIC has cancelled the Australian financial services licence of AAA Shares Pty Ltd (in liquidation) following a surveillance of the business.

Liquidators were appointed to AAA Shares Pty Ltd on the 22 January 2013.
AAA Shares Pty Ltd was a national financial planning business. 

It has the right to seek a review in the Administrative Appeals Tribunal of ASIC’s decision.

ASIC is not providing further comment on the matter at this stage.

  • mushroom on 31/01/2013 3:22:45 PM

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

  • Neil Salkow on 31/01/2013 3:56:19 PM

    Another one bites the dust

  • Pat on 1/02/2013 6:52:56 AM

    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.

  • Pat on 1/02/2013 10:45:30 AM

    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.

  • Barry Hassell on 7/02/2013 12:41:37 PM

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

  • Pat on 7/02/2013 2:40:52 PM

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

  • Jane on 9/02/2013 9:36:09 AM

    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...

  • Pat on 11/02/2013 8:31:39 AM

    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 on 12/02/2013 10:42:38 AM

    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

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