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Kinetic cancels advice licence
Kinetic Super has outsourced its general financial advice services for members and has cancelled the licence under which the advice was offered.
Kinetic Super voluntarily cancelled the Australian Financial Services Licence (AFSL) of Kinetic Super Management which offered general advice as well as marketing and sales services relating to the fund.
Kinetic Super stated, in a written response to SuperReview, that it engaged with Industry Fund Services (IFS) last year "to provide financial advice services in relation to Kinetic Super's superannuation products".
"This meant that the Kinetic Super Management licence was no longer required. Therefore the cancellation was recently made to streamline the fund's structure."
The cancellation of the licence would have no effect on members and brings the provision of advice services in line with its other advisory arm – Kinetic Financial Services – which are also offered through IFS.
AUTHOR
Jason Spits
Jason has been writing on financial services since 1999 and has worked for on a number of trade media titles in both a full time and freelance capacity. He joined Money Management and Super Review in 2013 in the role of Senior Journalist.
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