• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Regulation

Australian watchdog revokes licence of Golden Financial Group

Australian watchdog revokes licence of Golden Financial Group
  • Pedro Gonçalves
  • @PeterHSG
  • 17 July 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

ASIC has cancelled the Australian financial services (AFS) licence of Melbourne based financial services provider Golden Financial Group.

The company had failed to lodge its annual financial reports and did not have membership of an external dispute resolution system.

Related articles

  • Australia turns up heat on best interests duty violators with A$1m penalty
  • Aussie regulator takes first-ever ‘best interests’ action
  • Australia regulator begins enforcing Oz version of fiduciary rule
  • Australian watchdog cancels AFS licence of Southern Mortgages

ASIC said in response to its enquiries, Golden Financial advised the regulator it had ceased the business and requested its AFSL cancellation.

Golden Financial has held AFS licence since April 3, 2008. The licensee was previously trading as NSG Services Pty Ltd and National Sterling Financial Services Pty Ltd.

Back in October 2017 ASIC announced the Federal Court had imposed a civil penalty of $1 million against NSG Services Pty Ltd (NSG) for breaches of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms.

This marked the first civil penalty imposed on a financial services licensee for breaches of the best interests duty.

The firm's clients were reported to be commonly sold insurance and advised to roll over superannuation accounts that committed them to costly, unsuitable and unnecessary financial arrangements.

 

Subscribe to International Investment's free, twice-daily, newsletter

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Regulation
  • ASIC
  • Melbourne
  • Golden Financial Group
  • Australia

More on Regulation

FCA hands £3.4m back to unauthorised investment scheme victims

  • Regulation
  • 24 February 2021
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions

  • Regulation
  • 23 February 2021
Jersey regulator fines three firms for breaching money laundering rules

  • Regulation
  • 17 February 2021
FCA partners with Jersey regulator to probe new Woodford venture

  • Regulation
  • 17 February 2021
CISI launches anti-money laundering partnership with Qatari regulator

  • Regulation
  • 16 February 2021
Back to Top

Most read

EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
Global UHNWI population to grow by 27% over the next five years: Knight Frank
Global UHNWI population to grow by 27% over the next five years: Knight Frank
J.P. Morgan Asset Management launches Global Income Sustainable Fund
J.P. Morgan Asset Management launches Global Income Sustainable Fund
Comment: Four key issues powering the renewable energy revolution
Comment: Four key issues powering the renewable energy revolution
Amati Global Investors launches strategic metals fund
Amati Global Investors launches strategic metals fund
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading