ASIC has suspended the Australian financial services licence (AFSL) of KP International, until 23 September, 2020, in response to the watchdog's concerns about KP International not adequately addressing systemic issues identified by the Financial Ombudsman Service. The concern was over certain exclusions in the Sydney-based firm's professional indemnity insurance cover which did not meet adequacy requirements. The FOS identified at least 23 KP clients who were affected by systemic issue...
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