An international advice firm based in Melbourne has had its AFSL cancelled after it was unable to meet requirements set by ASIC with regards to insurance cover for its services.
ASIC announced yesterday that Marigold Falconer International Limited has had its licence cancelled after it was unable to prove that it could obtain insurance cover for the financial advice services it was authorised to provide under its AFSL.
The previous professional indemnity insurance policy held by Marigold Falconer expired in February.
In May, ASIC suspended the firm's licence until 30 September 2016, subject to a number of conditions that failing to meet would result in licence cancellation.
One of those conditions included that Marigold Falconer would provide evidence to ASIC by 31 July 2016 that it would be able to secure professional indemnity insurance for a licence variation it proposed to seek, authorising the firm to trade in spot gold.
Marigold Falconer is an introducing broker of Hong Kong-based bullion dealer Marigold International Bullion Dealers Limited.
Ostrava Equities, an authorised representative of Marigold Falconer, was liquidated in 2015.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 23 Jan 2019Adelaide adviser permanently banned from industryBy Eliot Hastie
- 23 Jan 2019Bowen slams ‘woeful’ handling of royal commissionBy James Mitchell
- 23 Jan 2019Gender super gap lower but still at 34%By Adrian Flores
- 22 Jan 2019Advice issues stem from writing of SOAs, says RafteryBy Adrian Flores
- 21 Jan 2019Federal Court winds up CFS Private WealthBy Eliot Hastie
- 22 Jan 20192.44m Aussies suffer from financial stressBy Sarah Simpkins
- view all