Markets: Stellar falls to earth

The financial markets regulator has cancelled the business license of Stellar Securities.

The Australian Securities and Investments Commission has cancelled the Australian financial services licence of Perth-based Stellar Securities.

The financial markets regulator said in a statement today that Stellar Securities was unable to comply with its licence conditions including its financial requirement conditions. The stockbroker provided financial advice and dealt in financial products for retail and wholesale clients.

As part of the licence cancellation, ASIC imposed conditions that Stellar Securities extend professional indemnity insurance and maintain its membership of an external dispute resolution service for the next 12 months.

ASIC’s inquiries into Stellar Securities are continuing. ASIC declined to comment further.

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