ASIC has cancelled the Australian Financial Services (AFS) licence of Brisbane-based education and training business, The Sharemarket College Pty Ltd (AFS licence No 331635). ASIC has also banned the Responsible Managers of The Sharemarket College, Mr Graeme Allan Rogers and Mrs Jill Rogers.
The Sharemarket College failed to comply with a number of its obligations as a financial services licensee, including:
- making misleading or deceptive statements in relation to a financial product or a financial service;
- providing personal advice to clients when they were only licensed to provide general advice;
- failing to notify ASIC of significant breaches within 10 days; and
- failing to maintain the competence to provide financial services authorised under its AFS licence.
- Mr Graeme Rogers was banned from providing financial services for a period of four years.
Mrs Jill Rogers was banned from providing financial services for a period of three years.
Greg Tanzer, ASIC
Commissioner Greg Tanzer said:
All AFS licensees need to ensure their culture does not drive poor conduct within their business. ASIC will take action against licensees and individuals who fail to comply with their obligations.’
The Sharemarket College has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.