ASIC has cancelled the Australian financial services licence held by Marigold Falconer International Limited (Marigold Falconer).
Marigold Falconer was unable to satisfy ASIC that it could obtain insurance cover for the services it was authorised to provide under the licence, which included providing financial product advice and dealing in financial products.
ASIC has previously suspended Marigold Falconer’s licence until September 30, 2016, subject to a number of conditions. Those conditions included that Marigold Falconer was to provide evidence to ASIC by July 31, 2016 that it would be able to obtain professional indemnity insurance for a licence variation it proposed to seek, authorising it to trade in Spot Gold.