ob体育 has cancelled the Australian financial services licence held by Patrick Joseph O鈥橬eill on 9 November 2024, due to Mr O鈥橬eill鈥檚 failure to comply with licence obligations.
The Corporations Act imposes obligations on Australian financial services licensees. Mr O鈥橬eill has not complied with the obligations to be a member of an external dispute resolution scheme, to lodge annual financial statements with ob体育 for the financial years ending 30 June 2018 to 2023, and to pay outstanding industry funding levies to ob体育.
The failure to comply with these obligations has enlivened ob体育鈥檚 power to cancel the licence under s915C(1) of the Corporations Act.
Background
ob体育 granted Australian financial services licence number 500004 to Mr O鈥橬eill on 25 October 2017.