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ASIC has cancelled the licence of a Sydney brokerage – nine months after it was almost liquidated.
ASIC announced today that it cancelled the AFS licence of WD Gelle Insurance & Finance Brokers.
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“The company's AFS licence was cancelled after ASIC found that it had failed to comply with its AFS licence obligations to provide its services honestly and efficiently,” ASIC said in a statement.
“In particular, ASIC found that the company received client funds and failed to forward them, in full, on to insurers.
“In addition, ASIC found there were shortfalls between the amounts received from customers and the amounts which should have been held in trust by the company on behalf of those customers.”
WD Gelle has the right to appeal to the Administrative Appeals Tribunal.
According to ASIC records, Vero Insurance filed a winding up application against WD Gelle in July 2013, but the application was withdrawn in October 2013.
ASIC records also reveal that WD Gelle briefly entered and then swiftly exited receivership in August 2011.
A winding-up application was also filed against the company in September 2012 but withdrawn the following month, according to ASIC records.
