Brisbane-based education and training center's managers were banned from performing any financial services related activity, as The Sharemarket College AFS license was terminated by ASIC. What are the reasons behind?
8 September, AtoZForex – Australian Securities and Investments Commission (ASIC) is a corporate, markets and financial regulator. The Australian watchdog supports Austalia’s economic wellbeing by safeguarding the justice and transparency in the financial markets of the country.
Why was The Sharemarket College AFS license canceled?
Just today, ASIC has terminated the Australian Financial Services (AFS) license of the Sharemarket College Pty Ltd, a Brisbane-located education and training center. Additionally, the regulator has banned Mr. Graeme Allan Rogers and Mrs. Jill Rogers, who are the responsible managers of Sharemarket College.
As it is reported by ASIC, the company has failed to implement a number of its obligations, which are required by the regulator. According to the official press release by ASIC, the obligations are as follows:
making misleading or deceptive statements in relation to a financial product or a financial service;
providing personal advice to clients when they were only licensed to provide general advice;
failing to notify ASIC of significant breaches within 10 days; and
failing to maintain the competence to provide financial services authorized under its AFS license.
Mr. Graeme Rogers is prohibited from providing financial services for a period of four years, where Mrs. Jill Rogers is banned from any financial services activity for a period of three years. The matter was commented by Greg Tanzer, an ASIC Commissioner:
“All AFS licensees need to ensure their culture does not drive poor conduct within their business. ASIC will take action against licensees and individuals who fail to comply with their obligations.”
The company has its right to appeal to the Administrative Appeals Tribunal for a review of regulator’s decision.
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ASIC case investigation
The Sharemarket College is recorded as a Registered Training Organization that possessed an AFS license. The firm is offering various programs on trading in the share market, exchange traded options markets and intraday markets.
ASIC representatives acted as a potential investor in order to reveal the company’s activities. During the operation, The Sharemarket College promoted its own success to ASIC representative by referring to a real investment portfolio it operated with a $100,000 capitalization. The company has claimed this portfolio was able to bring as much as 60 percent annually.
During the operation, The Sharemarket College promoted its own success to ASIC representative by referring to a real investment portfolio it operated with a $100,000 capitalization. The company has claimed this portfolio was able to bring as much as 60 percent annually.
The investigation by ASIC revealed that there is no investment portfolio existent and that The Sharemarket College’s claims were false.
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