The last Tuesday the ASIC (Australian Securities & Investments Commission) announced the authority has canceled the license of Olive Financial Markets Pty Ltd.
The Olive FX is an Investment company in the City of Sydney, Australia and the Address: 1613/87-97 Liverpool St, Sydney NSW 2000, Australia.
As indicated by ASIC's announcement, the broker failed to complete some of its commitments as an AFS licensee:
* fail to guarantee that it offered provided financial services efficiently, honestly and fairly;
* occupied with unconscionable lead;
* occupied with misdirecting or tricky direct and offered bogus or misleading statements;
* negated the selling disallowances by making spontaneous calls to potential customers;
* neglected to find a way to guarantee that its agents consented to their commitments to act to the greatest advantage of customers, and their commitments not to offer bogus or deceiving expressions or take part in deluding or tricky direct;
* didn't agree to commitments to guarantee that its delegates were sufficiently prepared and capable; and
* did not have a compliant dispute resolution system.
As a matter of fact, ASIC cancels OliveFX's permit in mid-march, however the specialist offered its choice before the Administrative Appeals Tribunal (AAT). Until the last articulates on the issue, OliveFX's can't accept any new customers and is required to illuminate every single current one regarding ASIC's choice to drop its AFS permit.