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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Sep 2018Peter Kell resigns as deputy chair of ASICBy Eliot Hastie
- 18 Sep 2018Two former Macquarie advisers given 10-year banBy Adrian Flores
- 18 Sep 2018McMaster slams ASIC: ‘They knew about our CPP in 2016’By James Mitchell
- 17 Sep 2018ASIC wants a confession from McMasterBy James Mitchell
- 17 Sep 2018ASIC takes Dover director to courtBy James Mitchell
- 17 Sep 2018ASIC gives permanent ban to unlicensed adviserBy Adrian Flores
- view all