A New South Wales business has had its Australian Financial Services (AFS) licence cancelled following a surveillance by ASIC.

Mr Allan Radcliffe Joyner (trading as Peter Joyner and Associates) (Joyner) from Balgowlah and Manly, New South Wales, provided financial planning advice to retail clients.

Following its surveillance and a subsequent hearing, ASIC found:

• Joyner had breached a number of its financial, reporting and other obligations as a financial services licensee in contravention of the Corporations Act 2001 including failing to maintain adequate compensation arrangements,

• There was reason to believe that Joyner may continue to breach its obligations under financial services laws, and

• Joyner provided information regarding its compensation arrangements for retail investors to ASIC that was misleading or deceptive.

‘It’s essential consumers have confidence that the financial advisers they deal with are fully complying with their legal obligations and AFS licence conditions,’ said ASIC Senior Executive Leader Consumer, Advisers and Retail Investors, Delia Rickard.

‘Licensees who fail to maintain adequate PI insurance expose retail clients to the risk that they go uncompensated in circumstances where a licensee has insufficient funds to meet client claims.

‘We’ll continue to take action where we believe licensee behaviour has the potential to undermine consumer confidence in the financial services industry.’

Joyner has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.