The corporate regulator has cancelled the Australian financial services licence of Evermore Money Management Pty Ltd from 4 December 2018 for failing to comply with several key obligations as an AFS licensee.
Evermore’s licence was cancelled after ASIC undertook a surveillance and found that a representative of Evermore had advised clients to set up an SMSF and invest their superannuation in Evermore.
Further, ASIC found that Evermore had failed to do all things necessary to ensure that the financial services covered by their licence were provided efficiently, honestly and fairly; did not have in place up to date policies and procedures to ensure representatives understood their obligations to act in clients’ best interests; and did not meet licence conditions requiring them to maintain base-level financial requirements.
Evermore was also found not to have lodged annual financial statements and auditor’s reports.
Under the terms of cancellation, Evermore is required to wind down its financial services business by 20 December 2018. It has held an AFS license since 3 May 2011.
According to ASIC, AFS licensees are responsible for making sure that their authorised representatives are aware of their obligations.
Licensees must ensure that their policies and procedures are up to date and comply with the law and must also have robust procedures in place to check that their authorised representatives are complying with those policies.