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The Australian Securities and Investment Commission (ASIC) has today announced an 11-day suspension of the Australian Financial Services (AFS) license held by Marigold Falconer International Limited (Marigold Falconer), according to an update from the regulator which gives the firm until May 31, 2016, to meet certain requirements.
ASIC found that Marigold Falconer doesn’t have current professional indemnity insurance – which is required for firms – to cover claims if the company or any of its representatives’ breach financial services laws. The firm did previously have the needed insurance but it expired at the end of February this year.
In addition, ASIC noted ... (read more)