ASIC bans Olive Financial Markets Pty Ltd director from financial services

Steffy Bogdanova
May 5, 2020 11:12 am

The Australian Securities & Investment Commission (ASIC) announced cancelling Australian financial services (AFS) licence of Olive Financial Markets Pty Ltd due to concerns that the financial service provider had not complied with its obligations as an AFS licensee.

ASIC cancelled Olivie’s AFS licence on 16 March 2020. The Commission found that the financial services provider failed to ensure its services are efficient, honest and fair, moreover, it engaged in misleading or deceptive conduct and made false statements. ASIC found that Olivie breached regulations by making unsolicited calls to potential clients and failed to comply with obligations of the licence such as ensuring that its representatives were adequately trained and competent and lacking compliant dispute resolution system.

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In addition, ASIC banned former director, Scott John Morrison, from providing financial services for seven years, effective from 3 April 2020. ASIC found that Morrison is not competent to provide financial product advice. Moreover, he failed to act in the best interest of his clients and engaged in misleading or deceptive conduct.

On 17 March 2020, Olive applied for a review and stay of ASIC’s decision to cancel its AFS licence. The Administrative Appeals Tribunal (AAT) granted a stay until the AAT reviews ASIC’s decision. While the stay is in effect, Olive must inform its existing clients of ASIC’s decision to cancel their AFS licence and must not take on new clients.

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Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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