The Australian Securities & Investment Commission (ASIC) announced cancelling Australian financial services (AFS) licence of Olive Financial Markets Pty Ltd due to concerns that the financial service provider had not complied with its obligations as an AFS licensee.
ASIC cancelled Olivie’s AFS licence on 16 March 2020. The Commission found that the financial services provider failed to ensure its services are efficient, honest and fair, moreover, it engaged in misleading or deceptive conduct and made false statements. ASIC found that Olivie breached regulations by making unsolicited calls to potential clients and failed to comply with obligations of the licence such as ensuring that its representatives were adequately trained and competent and lacking compliant dispute resolution system.
