Trade360 operator surrenders licence, ASIC bans former directors LeapRate

July 14, 2022 BY Steffy Bogdanova

Trade360 operator surrenders licence, ASIC bans former directors

The Aussie watchdog discovered that Sirius Financial has breached its licence obligations failing to adequately address Toyga’s conduct. Furthermore, ASIC found that Pecyna and Schneider were involved in Sirius Financial’s breaches. Moreover, ASIC deemed them not “adequately trained or competent”. ASIC stated that the two former directors lacked professionalism and integrity for their management roles.…

June 27, 2022 BY Steffy Bogdanova

ASIC freezes assets of four companies and director

ASIC discovered that Arandez obtained $2.5 million from Australian investors based on false and misleading statements. He claimed the funds would be invested in property and cryptocurrency and used the fund in part for personal benefit and to pay returns to other investors. The regulator acted quickly in order to personal benefit and to pay…

December 14, 2021 BY Steffy Bogdanova

ASIC cancels Premier Wealth Management’s AFS licence

According to the Aussie regulator, the company also failed to ensure its representatives were adequately trained and competent. The company’s AFS licence will remain in effect for another 12 months so that its membership of the Australian Financial Complaints Authority is maintained and its obligation to hold professional indemnity insurance cover. Earlier in September, ASIC…

September 27, 2021 BY Steffy Bogdanova

ASIC cancels Pure Strategy’s AFS licence

The cancellation of Pure Strategy's licence will take effect in 12 months. During this period, the company will maintain its membership of the Australian Financial Complaints Authority and its obligation to hold professional indemnity insurance cover. Pure Strategy’s AFS licence was initially obtained in 2011. An external administrator has been appointed to the company this…

January 12, 2021 BY Steffy Bogdanova

ASIC cancels Halifax Investment Services’ AFS licence

On 8 January 2019 the Australian watchdog suspended the Halifax AFS licence until 10 January 2020. The suspension followed the appointment of Morgan Kelly, Stewart McCallum and Phil Quinlan of Ferrier Hodgson as joint voluntary administrators of Halifax on 23 November 2018. On 20 March 2019 at the second creditors meeting it was decided to…

November 27, 2020 BY Steffy Bogdanova

ASIC cancels AFS licences of Jels Financial Group and Selectinvest

The company also failed to lodge its audited accounts for the 2017-19 financial years. Companies holding an AFS licence must lodge their financial statements and auditor’s reports annually. ASIC decided to cancel Selectinvest’s licence because the company failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority (AFCA) and had failed…

October 14, 2020 BY Steffy Bogdanova

Ballast Financial Management’s AFS licence cancelled

The suspension will last for 10 weeks and give Ballas enough time to put in place adequate compensation arrangements. This will also provide Ballast with an opportunity to identify and appoint an appropriately qualified and experienced responsible manager following the resignation of its previous responsible manager. ASIC may consider cancelling Ballast’s licence if the company…

September 18, 2020 BY Steffy Bogdanova

ASIC cancels Union Standard’s ASF licence

USGFX entered in to voluntary administration on 8 July with Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd appointed as administrator. Later on ASIC suspended the company’s Australian Financial Services licence until 23 September. The board of the UK division, USG UK announced that USG Group resolved on 15 August and the FCA regulated USG UK…

June 04, 2020 BY Steffy Bogdanova

ASIC suspends the AFS licence of BBY Ltd

BBY can to ensure that the receivers and liquidators have the legal authority to transfer a client’s “holder identification number” to another market participant with instructions from the client or to convert a licensee sponsored holding to an issuer sponsored holding in accordance with the ASX Settlement Operating Rules. The company can compensate retail clients…

May 28, 2020 BY Steffy Bogdanova

ASIC cancels Squareknot’s AFS licence and suspends Forex Plus Australia’s one

ASIC discovered that Forex Plus had not been providing financial services for some time. The company also failed to lodge its audited accounts for a number of years. AFS licensees are required by law to lodge their audited accounts annually to demonstrate that they have adequate resources to provide the services. ASIC did not cancel…

Tag: AFS licence