ASIC cancels license of financial services company 

ASIC cancels Chronos Capital Pty Limited’s AFS licence and permanently bans Robert Lachlan Semple

ASIC has cancelled the Australian financial services licence (AFSL) of Ultimo-based financial services company, Chronos Capital Pty Limited (Chronos), and permanently banned its director and responsible manager, Robert Lachlan Semple (Mr Semple) from providing financial services.

Mr Semple, of Surry Hills in NSW, was the sole director and responsible manager of Chronos and was responsible for all financial advisory services provided to Chronos’s clients. He has been incarcerated since 3 October 2013 and will remain in prison until at least 3 April 2016.

ASIC found that Mr Semple:

• was unable to discharge his obligations as the key person and responsible manager of Chronos due to his incarceration;
• was involved in breaches of financial services laws by Chronos; and
• was not of good fame and character.

ASIC found that Chronos:

• breached financial services laws by representing on its website that it was authorised to provide Managed Discretionary Account (MDA) services to clients in circumstances where it was not authorised to do so under its AFS licence;
• breached its licence conditions by providing MDA services to three clients; and
• breached financial services laws by misrepresenting an offer to clients as an investment in a debenture when the offer was in fact an unsecured loan.

By reason of Mr Semple’s incarceration, Chronos also failed to comply with its obligations to:

• maintain the competence to provide the financial services covered by its AFSL; and
• do all things necessary to ensure that the financial services covered by its AFSL were provided honestly, efficiently and fairly.

Chronos and Mr Semple have a right to appeal to the Administrative Appeals Tribunal for review of ASIC’s decision.

Source: ASIC

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