- Provided financial product advice about securities and superannuation interests when it didn’t hold a licence to do so;
- engaged in behavior by making representations to customers which were misleading or deceptive or was likely to mislead or deceive;
- did not have available adequate human resources to perform supervisory arrangements and demonstrated that a poor attitude and devotion to its, and its representatives, compliance with financial services legislation;
- engaged in behavior that has been unconscionable;
- did not have in place adequate arrangements for the management of conflicts of interests;
- did not perform all things necessary to ensure the financial services covered by the licence were provided efficiently and fairly;
- does not know the range of s911A; and
- has not confessed critical non-compliance.
Later in November 2018, ASIC announced a ban on Yossef Ashkenazi, also called Yossi Ashkenazi, from providing financial services for a period of eight years.
The external dispute resolution body today published advice for AGM’s clients. Even though AGM remains a present member of AFCA, consumers can continue to lodge complaints regarding AGM’s services and conduct with AFCA. AFCA will last to think about and manage complaints against the fiscal firm as timely and economically as possible.
Especially, the AFS license was cancelled following ASIC found AGM:
This implies certain bank account are now frozen and the firms are unable to sell or otherwise take care of the house without ASIC’s approval or Court order.
Even Though the Australian Securities & Investments Commission (ASIC) cancelled the Australian Financial Services Licence (422662) of brokerage AGM Markets Pty Ltd at November 2018, the customers of this company can still request support by the Australian Financial Complaints Authority (AFCA). That is possible because AGM is still a part of AFCA.
At this stage, given the current Federal Court proceedings between ASIC, AGM, OT Markets and Ozifin Tech, AFCA is unable to advise about the continuing status of customers’ capital, return of capital to customers or other compensation that may be payable.
The blackout of AGM’s permit followed an ASIC analysis which revealed that AGM’s financial services operations involved core elements of unconscionability and unmanaged conflicts of interest and followed a business design that disregarded crucial behavior requirements.
ASIC also has foot a Federal Court application to make a liquidator to AGM and its two former agents OT Markets Pty Ltd (OT Markets) and Ozifin Tech Pty Ltd (Ozifin Tech), for the companies to be wound up. Those Court proceedings are continuing.
The article Clients of AGM Markets could continue to file complaints with AFCA appeared initially on FinanceFeeds.