ASIC has cancelled the Australian financial services licence held by Marigold Falconer International Limited (Marigold Falconer).

Marigold Falconer was unable to satisfy ASIC that it could obtain insurance cover for the services it was authorised to provide under the licence, which included providing financial product advice and dealing in financial products. 

Background

The previous professional indemnity insurance policy held by Marigold Falconer expired at the end of February 2016.

ASIC previously suspended Marigold Falconer's licence until 30 September 2016, subject to a number of conditions (Refer: 16-152MR).  Those conditions included that Marigold Falconer was to provide evidence to ASIC by 31 July 2016 that it would be able to obtain professional indemnity insurance for a licence variation it proposed to seek, authorising it to trade in Spot Gold.

ASIC has taken action in the Federal Court against Ostrava Equities Pty Ltd (refer: 15-308MR), which ceased to be an authorised representative of Marigold Falconer on 21 October 2015.