Lanterne Fund Services Pty Ltd ordered to pay $1.25m penalty by the Federal Court for non-compliance with six AFS licence holder obligations.
Wholesale licensee Lanterne Fund Services Pty Ltd was ordered to pay a $1.25m penalty by the Federal Court for failing to comply with six general obligations of Australian financial services (AFS) licence holders, including inadequate risk management systems, insufficient human resources, and inadequate training for representatives. Lanterne operated a 'licensee for hire' business model, which led ASIC to bring civil penalty proceedings against the firm.
April 11, 2024
4 Articles