Bennelong Capital Solutions (Bennelong) has suffered its second crippling loss in more than a year after the group had its financial services licence pulled.
ASIC cancelled the Australian Financial Services licence (AFSL) of the Sydney-based financial services business following a lengthy investigation.
The regulator commenced an investigation into Bennelong in March this year after the company failed to appoint a responsible officer.
According to the Corporations Act, financial services licensees must nominate responsible officers who are directly responsible for significant day-to-day business decisions about the ongoing provision of financial services.
The cancellation took effect on 3 September. It follows the banning of former Bennelong director and financial adviser, Ian William Nicholls on 18 August 2006.
Nicholls was the sole director of Bennelong and is banned from providing financial services for five years.
At the time, ASIC found Nicholls acted unconscionably and misused the position of trust and confidence by placing his interests ahead of his clients, as well as failing to provide 25 clients with a statement of advice.
Bennelong Capital Solutions bears no relation to Bennelong Funds Management.
