The Australian Securities and Investment Committee (ASIC) said on Friday that it had canceled the Australian Financial Services License (AFS) for the Australian Financial Services Group (FSGA), starting from June 7, 2025, and has permanently banned its responsible manager, Graham Holmes.
Acek said that FSGA failed to make sure that two of its representatives have provided appropriate financial advice for customer circumstances or in their best interest.
The company also lacks adequate financial and human resources, has failed to provide financial data and violation reports on time, and did not comply with the licensing conditions that require its assets to overcome the obligations in 2022 and 2023.
Although the FSGA license is canceled, ASIC said that the company must remain a member of the Australian Financial Complaints Authority (AFCA) and tolerate professional compensation insurance until June 4, 2026. Customers who have concerns are encouraged to file complaints with AFCA before the deadline.
It was found that Holmes, who held the position of responsible manager “on paper only”, was intentionally neglected his duties while receiving the RM duties.
Asik decided that he is not a suitable and suitable person to work in the financial services industry.
ASIC investigations in FSGA and its former manager, FerraS Merhi, are still ongoing, especially with regard to the Shield Master and First Guardian Master. Merhi’s assets have been frozen as part of the enforcement procedures.
Both FSGA and Holmes have the right to apply for a decision review at the Administrative Review Court.