SHAREMARKET COLLEGE LOSES FINANCIAL SERVICES LICENCE

ASIC has cancelled the Australian Financial Services (AFS) licence of Brisbane-based education and training business The Sharemarket College and has banned its managers, Graeme Allan Rogers and Jill Rogers, from providing financial services.

The licence was revoked after the Sharemarket College allegedly made misleading or deceptive comments in relation to a financial product or service, and gave personal investment advice when the licence only permitted general advice.

Graeme Rogers was banned from providing financial services for a period of four years, while Jill Rogers was banned from providing financial services for a period of three years.

The Sharemarket College is a registered training organisation that also held an AFS licence, offering training programs on trading in the share market, intraday markets and exchange traded options markets.

Responding to concerns about The Sharemarket College, ASIC shadow-shopped the business, posing as potential investors.

"During that surveillance The Sharemarket College told ASIC staff about its own success when trading on the share market and referred to a real investment portfolio it operated with a capitalisation of $100,000," says the ASIC statement.

"It was claimed this portfolio was achieving returns of 60 per cent per annum and that results like this could be achieved by enrolling in The Sharemarket College training courses."

An ASIC investigation established there was no investment portfolio and that the claims were false and misleading.

The investigation also found that The Sharemarket College had made similar claims about the investment portfolio and the returns achieved to members of the public.

ASIC commissioner, Greg Tanzer says, 'All AFS licensees need to ensure their culture does not drive poor conduct within their business. ASIC will take action against licensees and individuals who fail to comply with their obligations.'

The AFS licence cancellation and the banning of Graeme and Jill Rogers took effect on 30 August 2016.

The Sharemarket College has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.