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ASIC has cancelled the Australian Financial Services Licence (AFSL) held by Queensland-based Bristol Street Financial Services, effective from 6 December 2018.
ASIC conducted a surveillance of Bristol Street between 22 July 2016 and 27 October 2017, and uncovered widespread non-compliance with financial services laws.
According to the commission, Bristol Street had, among other things, failed to comply with the conditions on its licence and financial services laws. The financial planning service also lacked adequate human and financial resources to provide financial services covered by the licence.
The terms of the cancellation allow Bristol Street to continue for the purposes of ensuring that its clients have access to an external dispute resolution scheme and it will retain professional indemnity insurance until 5 December 2019.