ASIC Shuts Down Advamode Financial and Liquidates its Assets
Posted: 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)