ASIC cancels AFS licence of Evermore Money Management
Evermore Money Management has had its financial services (AFS) licence cancelled by ASIC for failing to adequately monitor and supervise its representatives and manage conflicts of interest.
Evermore’s licence was cancelled after ASIC undertook a surveillance and found that a representative of the company had advised clients to set up a self-managed superannuation fund (SMSF) and invest their superannuation in Evermore.
ASIC found that Evermore:
- 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;
- did not lodge annual financial statements and auditor's reports; and
- did not meet licence conditions requiring them to maintain base-level financial requirements.
The cancellation is effective from 4 December 2018, with Evermore required to wind down its financial services business by 20 December 2018.
The cancellation of Evermore’s AFS licence is part of ASIC's ongoing efforts to improve standards across the financial services industry.