Australia’s ASIC cancels financial services license of Advamode

Australia’s ASIC cancels financial services license of Advamode

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The Australian Securities and Investments Commission (ASIC) announced it has canceled the financial services license of the local company Advamode Financial. It was made upon Advamode’s request, after it went into liquidation this May.

Advamode was established in 2011 and was a financial services company offering investment consulting and trading in forex and CFDs.

The license cancellation comes months after last September the ASIC imposed additional license conditions on Advamode, due to suspicions regarding its ability to provide efficient and honest financial services, demonstrate adequate financial resources, adequately manage conflict of interest, etc.

In spite the cancellation of the license, as of June 20, 2016, clients of Advamode can still lodge a complaint about any advice received from representatives of Advamode. Advamode’s licence remains in effect for the purposes of External Dispute Resolution Scheme membership and client compensation purposes. The ASIC encourages clients with concerns to lodge their complaints as soon as possible.

Last week the ASIC published a report revealing significant incompliances in the country’s retail forex market.

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