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.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
