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A$1.25m fine against AFSL 'licensee for hire' firm in Australia

Lanterne's contraventions were found to be “serious and systemic”.

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Martina Lindberg

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Photo: David Gray/Getty Images
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Lanterne Fund Services Pty Ltd, a wholesale licensee, has been ordered to pay a A$1.25m ($815,295) penalty after failing to comply with six of the general obligations of Australian financial services (AFS) licence holders.

The company was operating a ‘licensee for hire’ business model, where it authorized over 60 corporate

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