ASIC Cancels Financial Services Licence of Jyoti Rahman

The Australian Securities and Investments Commission (ASIC) announced today it has canclled the Australian financial services (AFS) licence of Victorian-based financial services licensee Jyoti Rahman (AFSL number 488 976).

The ASIC clarified the cancellation for Jyoti Rahman no longer providing financial services. The licensee has held a limited AFS licence to provide financial product advice about self-managed superannuation funds to retail clients since 8 February 2017.

The Commission notes licensees that no longer need their AFS licence can apply to ASIC to have their licence cancelled. It may also take action to cancel a licence when a licensee has ceased to carry on a financial services business.

Before canceling an AFS licence, ASIC expects licensees who hold a retail client authorisation to maintain professional indemnity insurance and membership with the Australian Financial Complaints Authority.