ASIC has suspended the Australian financial services (AFS) licence of Global Pacific Solutions Group Pty Ltd (Global Pacific) 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.
Global Pacific 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.
The suspension order took effect from 15 March 2022.
Global Pacific sought a review of ASIC’s decision by the Administrative Appeals Tribunal on 6 April 2022. The application for review was withdrawn on 6 February 2023.