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
Over half of wealth management clients in Asia-Pacific say they are looking for more advice in investment and financial planning services, according to EY, and may switch or add new providers to achieve this.
As artificial intelligence continues to reshape how the advice industry operates, Adviser Ratings unpacks which areas advisers are using the technology to improve the client experience.
Insignia Financial has appointed the former APAC head of a global asset manager to its board.
Financial advisers have been warned against advising clients to withdraw superannuation for medical or dental treatments as a new report highlights the long-term effect on balances at retirement.