'Aussie Rob's' Lifestyle Investor Services AFS licence suspended

The Australian Securities and Investments Commission (ASIC) announced it has suspended the Australian financial services (AFS) licence of Gold-Coast based, Lifestyle Investor Services Pty Ltd (LIS), until 7 February 2013.

LIS' licence was suspended due to concerns that LIS had not complied with conditions of its licence and had not complied with financial services laws.

In particular, ASIC's investigation found LIS:

  • failed to comply with a condition of its licence requiring it to notify ASIC within five days of Scott Goold resigning as the responsible manager of LIS, and of other details as to a replacement responsible manager; and
  • failed to maintain the competence to provide financial services following Mr Goold's resignation as responsible manager, with no person appointed to replace him in the role and with Mr Goold unable to adequately perform this role from overseas.

Further, ASIC had reason to believe that LIS will not comply with its obligations under financial services laws based on complaints by Mr Goold alleging serious issues about the management of LIS and LIS' finances and concerns subsequently identified about Mr Goold's fitness to be a responsible manager.

ASIC has ensured that although the AFS licence of LIS is suspended, for the purposes of LIS being a member of a dispute resolution system and LIS having compensation arrangements for clients, the AFS licence continues in effect as though the suspension had not occurred.

LIS has the right to appeal against ASIC's decision to the Administrative Appeals Tribunal.


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