ob体育 has cancelled the Australian financial services (AFS) licence of DD&D Securities Ltd (AFS licence 221147) for failing to comply with a number of its key obligations as a financial services licensee.
In particular, ob体育 found that DD&D Securities failed to:
- maintain membership with an external dispute resolution scheme approved by ob体育;
- lodge its financial reports within the required timeframe;
- lodge compliance plan audits for the managed investment scheme it operates within the required timeframe; and
- notify ob体育 of significant breaches within the required timeframe.
ob体育 Commissioner John Price said, 'A responsible entity needs to ensure a managed investment scheme is operated in accordance with the Corporations Act.
'As this matter demonstrates, ob体育 will act where a responsible entity fails to lawfully perform this gatekeeper role and to comply with its obligations and licence conditions,' Mr Price said.
DD&D Securities has the right to appeal to the Administrative Appeals Tribunal for a review of ob体育鈥檚 decision.
Background
DD&D Securities' AFS licence was cancelled with effect from 5 April 2017.
DD&D Securities is the responsible entity for Dwyers Managed Investments a mortgage scheme that operated in regional Victoria.