ASIC suspends AFS license of Global Pacific Solutions Group
The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence of Global Pacific Solutions Group Pty Ltd for three years.
ASIC found that Global Pacific failed to ensure that the financial services it provided were done so efficiently, honestly and fairly, as a result of the conduct of Douglas Cecil Allen, Global Pacific’s sole director and secretary since 22 January 2019.
The firm failed to take reasonable steps to ensure representatives comply with the financial services laws and failed to maintain the competence to provide the financial services covered by its licence.
Global Pacific sought a review of ASIC’s decision by the Administrative Appeals Tribunal but the application for review was withdrawn on 6 February 2023.
Global Pacific held AFS licence no. 514164 since 24 February 2019.