ASIC cancels PMIIG’s AFSL
The Australian Securities and Investments Commission (ASIC) has cancelled a financial services company's Australian financial services licence (AFSL) after it was found to have breached its obligations.
Pacific Millennium International Investment Group (PMIIG) was authorised under its AFSL to provide general financial advice and dealing services to wholesale clients.
The corporate watchdog said PMIIG failed to maintain the competence to provide financial services under its AFSL, and it also failed to comply with the financial requirements of its licence.
ASIC found PMIIG did not lodge financial reports and auditor reports on time, or at all, while it also failed to advise ASIC of the above mentioned breaches within 10 business days.
ASIC commissioner, Greg Tanzer, said, ASIC took these obligations very seriously, so financial markets were efficient and well-functioning, so consumers had confidence and trust in the industry. "ASIC will take action if AFS licensees fail to meet their obligations," he warned.
ASIC recently cancelled a number of wholesale services providers licenses and said that licensee conduct in the sector would remain a high priority.
PMIIG had the right to appeal ASIC's decision at the Administrative Appeals Tribunal.
Recommended for you
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
