ASIC Cancels AFS Licence of Robert Bayntun Starky

Fazzaco learned that ASIC has cancelled the Australian financial services licence (AFSL) of Robert Bayntun Starky, a financial services provider based in Stanwell Tops, New South Wales.

The cancellation was effective from 29 April 2021.

ASIC cancelled the licence because the licensee failed to pay an AFCA determination, resulting in the cancellation of its membership. The licensee also failed to lodge its 2020 audited financial accounts, and maintain professional indemnity insurance cover.

Australian financial services licensees must comply with their licence conditions and have adequate resources to provide the financial services covered by their licence. ASIC may suspend or cancel an AFSL if a licensee fails to meet its obligations.

Robert Bayntun Starky held AFS licence number 300423 since 8 June 2006. The licensee may apply to the AAT for a review of ASIC’s decision.

Fazzaco earlier reported that ASIC has commenced proceedings​ in the Federal Court against Westpac Banking Corporation (Westpac) for insider trading, unconscionable conduct and breaches of its Australian financial services licensee obligation.