ASIC Shuts Down Advamode Financial and Liquidates ‎its Assets

The Australian Securities and Investment Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term) revealed today that it has ‎cancelled the Australian financial services (AFS) licence of Queensland-based ‎Advamode Financial Pty Ltd (Advamode), according to an official agency announcement.

The regulator’s decision took effect on Monday 20 June 2016, and it was made at ‎Advamode's request after the company was placed into liquidation on 4 May 2016.‎

Last year, ASIC imposed extra conditions on the company’s AFS licence, as the commission surveillance identified concerns ‎regarding Advamode's ability to ensure providing financial services efficiently, ‎honestly and fairly, to demonstrate adequate financial resources were available to ‎provide financial services and carry out supervisory arrangements, to have adequate ‎arrangements for the management of conflicts of interest, and to demonstrate ‎that adequate research and inquiries had been undertaken into financial products.‎

The ASIC action has seen a Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term expert review Advamode's business, including ‎all policies and processes relevant to each regulatory concern, in addition to ‎implementing any remedial actions recommended by the expert. ‎

According to the official statement: “Clients of Advamode can still lodge a complaint ‎about any advice received from representatives of Advamode. Advamode's licence ‎remains in effect for the purposes of External Dispute Resolution Scheme ‎membership and client compensation purposes.”‎

Furthermore, the Australian watchdog urged Advamode’s customers to lodge any complaints they ‎may have as soon as possible. It also encourages all investors to make sure they are ‎dealing with a licensed entity, or authorized through an AFS holder from ASIC. This can be ‎done by searching the professional registers on the ASIC website.‎