"ASIC's ongoing efforts to improve standards across the financial services industry."
Publication:
BIScom Subsection:
Friday, 28 February, 2020 - 03:03
It's there. In plain sight. In the body of the press release from the Australian Securities and Investment Commission. It's a statement that ASIC, having been found, damned by its own words and those of the industry, wanting in its supervision of the Financial Services Landscape, is taking the gloves off. It's not going to stand for any more poor compliance. It's going to make "ongoing efforts to improve standards across the financial services industry." So this case is going to be spectacular, isn't it?
No, it isn't. Yes, it has serious consequences for those against whom it was brought. Yes, the penalty that ASIC has imposed puts the business out of business.
But the reason is remarkable. ASIC allowed RVM Capital Pty Ltd to continue as the holder of an Australian Financial Services Licence until 21 January (but announced the decision only today) even though it did not file the annual statements and auditor's reports for three consecutive years.
So, it's been removed from the list of licensed businesses.
But what of the business itself? There's no news.
According to publicly available information about the company it was registered in early 2013. It has not registered for GST which means that its declared annual turnover (excluding GST) is not more than AUD75,000. According to other sources, the resident adviser was Ryan Mendes. A search of the ASIC website returned no entries for that name.
The big question is this: what were ASIC doing after the first failure?
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