The Australian Securities and Investment Commission (ASIC ) 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 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.‎

The Australian Securities and Investment Commission (ASIC ) 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 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.‎