The ban “prohibits Ms [Holly] Grofski from controlling, whether alone or together with others, any company or other entity that carries on a financial services business” until 28 October 2021.
It comes after ASIC found that Ms Grofski was involved in Global Merces’ failure to comply with its Australian Financial Services (AFS) licence conditions, in which it failed to replace key persons named on its licence.
The local company also failed to lodge compliance plan audit reports, as well as financial statements and auditors’ reports for the 2018 and 2019 financial years.
Ms Grofski has the right to seek a review of the decision at the Administrative Appeals Tribunal.
So let me get this straight….don’t provide important financial and compliance documents to the government required by law for TWO years and you get a 6 month ban. Meanwhile if advisers send FDSes LATE to clients (but still send them) they can be banned for YEARS?? Yep seems fair