ASIC has cancelled the Australian financial services (AFS) licence of Olive Financial Markets Pty Ltd (Olive) following concerns that it had not complied with its obligations as an AFS licensee and that it was likely that Olive would contravene its obligations in the future.
Olive applied to the AAT on 17 March 2020 for a review and stay of ASIC’s decision to cancel the AFS licence. On 23 April 2020, the AAT granted a stay of ASIC’s decision to cancel the AFS licence until the AAT reviews ASIC’s decision, subject to conditions including:
A separate ASIC decision to ban Olive’s former director, Scott John Morrison, from providing financial services for seven years, took effect from 3 April 2020.
On 16 March 2020, ASIC cancelled Olive’s AFS licence after ASIC found that Olive:
ASIC has also banned Olive’s former director, Scott John Morrison, from providing financial services for seven years, effective from 3 April 2020.
Mr Morrison, of Ryde, NSW, was Olive’s sole director between 20 February 2013 and 13 November 2019.
ASIC found that Mr Morrison:
Mr Morrison has not appealed his banning to the AAT.
Between 2013 and 2018 (the period that was the subject of ASIC’s findings), Olive operated two Gold Coast-based businesses: