Australian regulator ASIC has just announced that it has cancelled the Australian financial services (AFS) license of Sydney-based Jade Capital Partners Pty Ltd.
The regulator has also banned one of the company’s directors, James Clinnick, from providing financial services for a period of four years.
ASIC uncovered a non-compliance with financial services laws at Jade Capital, which led to the cancelling.
ASIC Commissioner Danielle Press commented:
AFS licensees must comply with financial services laws or risk losing their licence. Licensees must not mislead consumers when marketing their services. ASIC will not hesitate to take action when licensees or their representatives don’t comply with the law. I also advise all consumers considering MDAs to evaluate the risks and benefits of an MDA. Consumers should ensure they have a good understanding of all the fees and charges, and carefully consider the scope of authority they are giving to their adviser.
The official announcement can be seen here.