The Australian financial regulator ASIC cancelled the license of the Olive Financial Markets Pty Ltd. company, which is the the parent of Olive FX. The company has had the license since 2nd August 2010. Apart from that ASIC also banned its former director Scott John Morrison from roviding financial services for seven years, starting from the 3rd of April, 2020.
According to ASIC, the brokerage in question has failed to comply with several of its obligations as an AFS licensee:
-it did not ensure that it provided financial services efficiently, honestly and fairly;
-it engaged in unconscionable conduct;
-it engaged in misleading or deceptive conduct and made false or misleading statements;
-it contravened the hawking prohibitions by making unsolicited calls to potential clients;
-it did not take reasonable steps to ensure that its representatives complied with their obligations to act in the best interests of clients, and their obligations not to make false or misleading statements or engage in misleading or deceptive conduct;
-it did not comply with obligations to ensure that its representatives were adequately trained and competent; and
-it did not have a compliant dispute resolution system.
This broker has had a license for years and has been doing this, why wasn't the license removed earlier? It seems really irresponsible on ASIC's side to allow this.