ASIC has cancelled the Australian financial services licence of Robert Starky, a financial services provider based in Stanwell Tops, NSW, after he failed to pay as directed in a ruling by the Australian Financial Complaints Authority (AFCA).

In a case published by AFCA in August, a couple Mr Starky was advising lost $51,361 after he failed to immediately act on an emailed instruction on February 19 last year that he sell down their investment portfolio.

Mr Starky, who held his licence since 2006, did not place the sell down instruction until March 2 2020, and was ordered by AFCA to pay half the amount to the complainants, who were found to have also contributed to the loss.

ASIC says Mr Starky’s required AFCA membership was revoked. He also failed to maintain required professional indemnity insurance cover or lodge 2020 audited financial accounts.

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 a licence if a licensee fails to meet its obligations.