This publication brings more news of enforcement actions taken by Australia's financial regulator.

Australia’s financial regulator has banned a certified practising accountant and former director of GTL Trade Up Pty Ltd, a firm dealing and advising on products such as forex contracts, from providing any financial services until 21 May 2018. 

The ban was imposed on Andrew Jeffers by the Australian Securities and Investments Commission because it found that GTL Trade Up Pty Ltd issued three product disclosure statements between March 2012 and March 2013 that included statements which were materially false or misleading.

GTL was issued with an Australian financial services licence in January 2011 to carry out financial services business to deal in and advise on a range of financial products, including derivatives and foreign exchange contracts. The main liquidity provider of GTL was Dubai-based GTL Trading DMCC. Mahmood Riaz was the director of DMCC and, at various times, GTL. Riaz was not an officeholder of GTL at the time it was issued an AFSL.

While Jeffers was a director, GTL issued the three disclosure statements which included statements that ASIC found to be false or materially misleading in that they did not represent the true trading position undertaken by GTL, the regulator said in a statement. 

Liquidators were appointed to GTL on 26 September 2013 after DMCC failed to make funds available to GTL to meet client withdrawals. At the time GTL was owed about $4.35 million by DMCC. GTL owed about $4.4 million to its retail clients.

Jeffers has made an application to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.