ASIC suspends the license of an investment services firm 

ASIC_regulator

ASIC has suspended the Australian financial services licence held by Marigold Falconer International Limited (Marigold Falconer) until 31 May 2016.

ASIC found that Marigold Falconer does not have current professional indemnity insurance to cover claims for breaches of financial services laws by Marigold Falconer or its representatives. The previous policy held by Marigold Falconer expired at the end of February 2016.

ASIC also found that Marigold Falconer has not lodged audited financial statements with ASIC for the 2015 financial year. The Corporations Act requires these documents to have been lodged before 31 October 2015.

ASIC will further consider any action in relation to Marigold Falconer’s licence, having regard to whether it has obtained adequate professional indemnity insurance and lodged audited financial statements, by 31 May 2016.

Background

Marigold Falconer is authorised under its licence to provide financial product advice and deal in a number of classes of financial products, including derivatives, securities and superannuation, for retail and wholesale clients.

Source: ASIC

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