Mr Andrew Law, of Biggera Waters, Queensland, has been convicted by the Southport Magistrates Court for making false or misleading statements in documents submitted to ob体育. Mr Law has been fined $3,000.
On 19 November 2018, Mr Law pleaded guilty to three counts of knowingly making false or misleading statements in documents submitted in support of an Australian Financial Services (AFS) licence application or involving his nomination as a responsible manager of an AFS licence in December 2013, December 2014 and September 2015. Mr Law stated he had never been bankrupt when he had been made bankrupt in 2008.
Magistrate Pamela Dowse said: 鈥橧t is a very serious matter in my view. You made a false statement and you put it in a Statutory Declaration.鈥�
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
Background
AFS licensees must maintain their competence to provide financial services. ob体育 assesses this by looking at persons nominated by the applicant to act as a 鈥榬esponsible manager鈥� of its financial services business. ob体育 requires nominated responsible managers to be competent and be of good fame and character ( at paragraphs 105.36鈥�105.38).
ob体育's assessment of an applicant鈥檚 ability to provide licensed services efficiently, honestly and fairly, and in compliance with its financial services obligations, requires responsible managers to act honestly and truthfully.
ob体育 considers that if a proposed responsible manager makes false statements to ob体育, this raises serious concerns about their honesty and character. In addition, the submission of false licencing information to ob体育 significantly undermines the integrity of its licencing assessment processes.