After suspending the Australian Financial Services (AFS) licence of Financial Options Pty Ltd in August of last year, the (ASIC) announced this Tuesday that it has now cancelled the company’s licence.
Financial Options, a Queensland-based financial services provider, following concerns that the company wasn’t meeting its obligations.
Today, the regulator revealed that the firm hadn’t complied with its financial requirements and hadn’t taken the necessary steps to address ASIC’s concerns in relation to organisational competence, human resources and compliance requirements. All of this led to the cancelling of the licence.
ASIC permanently bans Jack Houwing
Furthermore, the Australian watchdog also revealed that it has permanently banned Mr William John Henry Houwing (known as Jack Houwing), a Queensland-based financial adviser, from providing financial services
Houwing was a director and authorised representative of Financial Options. Between August 31, 2006, and May 15, 2009, ASIC found that he arranged for his clients to lend money to his related entities, including Belbrooke Pty Ltd as trustee for the Belbrooke Administration Trust, Belbrooke Pty Ltd as trustee for the Belbrooke Mortgage Trust; and Ochkit Pty Ltd as trustee for the Houwing Family Trust.
In the statement released today, the Aussie regulator said it found that Houwing:
Commenting on the announcement, ASIC Commissioner, Danielle Press said in the statement: “The failure of financial advisers to act in the best of interests of their clients or to prioritise their clients’ interests over their own, not only harms their clients but also erodes public trust in the financial system. ASIC expects financial advisers to uphold the values of integrity and professionalism.”
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