The corporate regulator has cancelled the AFSL of a wholesale service provider for failing to comply with a number of its obligations as a licensee.
Pacific Millennium International Investment Group (PMIIG) was authorised to provide general financial advice and dealing services to wholesale clients.
ASIC cancelled the firm’s licence after it failed to “maintain the competence to provide financial services covered by its AFSL”.
PMIIG also failed to lodge financial reports and auditor’s reports on time and did not advice ASIC of the breaches within 10 business days.
“ASIC takes compliance with these obligations seriously,” ASIC commissioner Greg Tanzer said.
“They are important to ensure we have efficient and well-functioning financial markets and that consumers can have confidence and trust in the financial services market. ASIC will take action when AFS licensees fail to meet their obligations.”
The regulator has recently cancelled several other wholesale service provider licences, including those of Dunfo Capital, Narrow Lane Investments and TMK Index.
“ASIC has recently cancelled the AFS licenses of a number of wholesale service providers and the conduct of the licensees in this sector will continue to be a priority for us,” Mr Tanzer said.
PMIIG has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
The corporate regulator has cancelled the licence of a Queensland based SMSF advice firm that failed to lodge its financial accounts. ...
The Federal Court has issued BT and Asgard penalties of $1.5 million each for charging fees for no service and making misleading statements. ...
The wealth giant has announced a raft of further changes to its advice model, including the conclusion of client register buy-back arrangements for i...