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.