The corporate regulator has obtained interim injunctions against Gallop International Group and Gallop Asset Management on suspicion the businesses were operating without an AFSL.
The businesses specialise in trading forex, metals and contracts for difference, ASIC said, however the regulator believes both businesses and Gallop director Ming-Chien Wang have been “carrying on an unlicensed financial services business”.
The injunctions will see the bank accounts held by the two businesses and Mr Wang frozen and the businesses unable to carry on without a licence, ASIC said.
The regulator said its investigation is “continuing”, and the injunctions will remain in force until “further order”.
Proceedings for further orders have been listed for 23 November 2017.
AMP and TAA have sought an increase in the cap on life insurance commissions for financial advisers.
The government has announced a post-implementation review of the removal of the stamping fee exemption.
Oliver Wyman and Morgan Stanley have outlined what to expect under ‘Wealth Management 3.0’.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.