ASIC Shuts Down Advamode Financial and Liquidates ‎its Assets

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ASIC Shuts Down Advamode Financial and Liquidates ‎its Assets

Postby » Mon Jun 27, 2016 12:19 pm

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 ... (read more)

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