Romad gets a lifeline
Melbourne-based Romad Financial Services (RFS) has had a decision by the Australian Securities and Investments Commission (ASIC) to cancel its licence stayed by the Administrative Appeals Tribunal (AAT).
ASIC cancelled RFS's Australian financial services licence on 19 October 2011. The decision was made because RFS had failed to ensure its authorised representatives had complied with financial services law, and because it had failed to lodge various annual statements and auditors' reports with ASIC.
Following successful arguments by RFS in an interlocutory hearing, the AAT granted a stay on the cancellation of RFS's licence until the determination of the review.
The stay is subject to a number of conditions until the final determination is made by the AAT. RFS is barred from authorising any new authorised representatives; current authorised representatives must not engage any new clients; RFS must maintain its professional indemnity insurance; and RFS's professional indemnity insurer must be made aware of any complaints made against it.
ASIC has yet to make any findings about the conduct of any RFS authorised representatives.
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