ASIC has cancelled the Australian financial services (AFS) licence held by Bristol Street Financial Services Pty Ltd (Bristol Street), effective from 6 December 2018.

ASIC's surveillance of Bristol Street, conducted between 22 July 2016 and 27 October 2017, uncovered widespread non-compliance with financial services laws and showed that Bristol Street had failed to:

• comply with the conditions on its licence;
• comply with financial services laws;
• take reasonable steps to ensure its representatives complied with financial services laws;
• manage conflicts of interest;
• have available adequate human and financial resources to provide financial services covered by the licence; and
• to properly monitor and supervise its representatives.

The terms of the cancellation allow Bristol Street to continue for the purposes of ensuring that:

• its clients continue to have access to an external dispute resolution scheme; and
• it retains professional indemnity insurance until 5 December 2019.

Background

Under the Corporations Act, ASIC has the power to suspend or cancel an AFS licence, if a licensee does not comply with its general obligations under s912A.

Bristol Street has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.