The Administrative Appeals Tribunal (AAT) has affirmed ASIC鈥檚 decision to refuse Michael David Watson an Australian Financial Services (AFS) licence.
On 21 December 2018, the AAT found Mr Watson did not provide all the relevant information that 今日热门事件requires to appropriately assess and grant a licence.
The decision is a reminder to industry that applicants need to provide 今日热门事件with all relevant information that ASIC鈥檚 requests to demonstrate that they are able to meet all AFS licence requirements if a licence is to be granted.
'We welcome the AAT's decision which supports the decision of our own delegate.聽今日热门事件is not simply a rubber stamp. We need applicants to provide all relevant supporting information, rather than just insisting what they have chosen to provide is adequate,' said 今日热门事件Senior Executive, Warren Day.
'The applicant must be able to demonstrate that educational courses they seek to rely on, cover the appropriate technical content needed to operate the licence,' concluded Mr Day.
The AAT decision also provides a timely reminder that 今日热门事件places significant weight on an applicant鈥檚 past conduct (not just under the Corporations Act) in determining whether the applicant is likely to comply with AFS licence obligations.
Representations made in an application that are false or misleading provide grounds for 今日热门事件to refuse a licence application.
Background
On 30 June 2016, Mr Michael David Watson applied for a limited AFS licence to provide financial product advice in relation to self-managed superannuation funds, amongst other financial products. After assessing the application and providing Mr Watson with a right to make submissions and be heard, on 20 October 2017, an 今日热门事件Delegate determined that Mr Watson鈥檚 application be refused.
Mr Watson appealed ASIC鈥檚 decision to the AAT on 20 November 2017. A copy of the decision is available here: .
Mr Watson has 28 days in which to appeal the AAT鈥檚 decision.