The Australian Securities and Investments Commission (ASIC) has announced the suspension of the Australian financial services (AFS) licence of Olritz Financial Group Pty Ltd, effective until 5 March 2025.
According to a news release, the suspension is in relation to Olritz having not carried on a financial services business since May 2023.
The licence, granted by ASIC under its authority from laws relating to companies, securities, financial services, and credit, allows individuals or companies to legally conduct a financial services business in order to protect consumers, investors, and creditors.
Olritz has held its AFS licence, number 244539, since 27 February 2004. This licence, the news release said, allows Olritz “to deal in financial products, provide financial advice and custodial or depository services to wholesale clients.” With its licence now suspended, Olritz is prohibited from providing any financial services.
Olritz has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision, ASIC highlighted.
ASIC’s decision to suspend Olritz’s licence underscores the agency’s broader role in regulating and enforcing standards in Australia’s financial services sector. Companies under ASIC’s supervision are expected to adhere to high standards of conduct, and non-compliance can result in licence suspension, as seen in the case of Olritz.
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