Australia’s regulator cancels Marigold Falconer Int’l’s licence

The Australian Securities & Investments Commission has cancelled the financial services licence of Marigold Falconer International, a Melbourne-based financial services company specialising in traditional financial services investments, such as securities, and which had been seeking authorisation to trade in spot gold. 

In a statement on its website dated Wednesday, ASIC said it was “unable to satisfy ASIC that it could obtain insurance cover for the services it was authorised to provide” under its licence, “which included providing financial product advice and dealing in financial products”.

ASIC said it had previously suspended Marigold Falconer’s licence until 30 September, subject to a number of conditions, including that the company “was able to provide evidence by 31 July 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”.

Marigold Falconer had already had its AFSL (Australian financial services licence) suspended in May, after its professional indemnity insurance expired at the end of February.

In a statement on its website dated 20 May,  ASIC also found Marigold Falconer had failed to lodge audited financial statements for the 2015 financial year, which were required to have been lodged before 31 October.

According to its website, Marigold Falconer was set up in 1997 as Falconer Woods & Co, and got its AFSL in 2004. It became Falconer & Co in 2011, and then formed an alliance with Hong Kong broker Marigold International Bullion Dealers, as a result of which it changed its name again, to Marigold Falconer International.

Its website says it has “represented offices throughout the world” which promote financial services to retail and wholesale clients, although only the Melbourne office appears on its website.

The head of the company appears to be Keith Falconer, who is described on the company’s website as having more than 40 years of experience in the banking, corporate finance and corporate management industry, with stints at such companies as ANZ Bank and Ford Motor Credit Co. It says he is also a director of Marigold International Bullion Dealers Ltd, and chairman of Falconer and Co, another AFSL licence holder.

Calls and emails to the Marigold Falconer and Marigold International Bullion Dealers seeking comment weren’t immediately replied to.

ABOUT THE AUTHOR
Helen Burggraf
Helen Burggraf is the editor of International Investment. A US-trained journalist, she has worked in Rome, New York City and London, covering everything from the fashion and retailing industries to the global drinking water and water-treatment sector, private equity, and most recently, the international cross-border financial services/advice industry.

Read more from Helen Burggraf

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