July 21, 2021, | AtoZ Markets – The Australian Securities and Investments Commission (ASIC) has canceled the Australian financial services (AFS) license for Gold Coast-based Trade Wind Financial Services (Trade Wind FS) and banned its former financial adviser, Adam Bevan, for five years from providing financial services for failing to act in the best interest of his clients.
Bevan, the official representative and sole director of Trade Winds has also been banned from performing functions related to the management of the financial services business or the performance of the financial services business.
According to corporate regulators, Bevan did not make reasonable inquiries about existing aging funds, and the funds advised him.
In addition, ASIC also found that Bevan was not a fit and proper person, having regard to his connection to a refusal or failure to give effect to a determination by the Australian Financial Complaints Authority (AFCA).
ASIC canceled the AFSL of Trade Wind FS
Separately, ASIC also canceled the AFSL of Trade Wind FS, which came into effect on May 26, 2021, as Trade Wind FS worked with AFCA to fail to pay the two AFCA decisions in time.
ASIC also said that Trade Wind FS was unable to submit audited financial accounts for 2019 and 2020 and was not compliant with several license terms, including not notifying ASIC of AFSL key person changes.
“ASIC has canceled AFSL, but its power Company Law s915H To allow the license to remain valid until August 31, 2021, “ said ASIC.
“This ensures that AFSL has not been canceled for the purpose of introducing a dispute resolution scheme and implementing further arrangements to indemnify retail customers, including professional liability insurance.”
Bevan has filed with the Administrative Appeals Tribunal (AAT) for a review of the ASIC decision.
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