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
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
