ASIC 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 Mr 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.


The suspension of LIS’ AFS licence is part of ASIC’s ongoing efforts to improve standards across the financial services industry.


‘The compliance of Australian financial services licensees with their obligations is central to the informed and confident participation of consumers in the financial services markets. ASIC will continue to deal with those who fail to meet these standards’, ASIC Commissioner, Mr Peter Kell, said.


LIS has the right to appeal against ASIC’s decision to the Administrative Appeals Tribunal (AAT).


LIS has been licensed by ASIC to provide general financial product advice, and deal in financial products including derivatives, foreign exchange contracts and securities and operates from the Gold Coast in Queensland. The sole director of LIS is Mr Robert Lloyd Wilson who is also known as “Aussie Rob”.


As a result of the AFS licence suspension, authorised representatives of LIS must now seek to become representatives of another AFS licence holder should they wish to continue trading.


ASIC has been notified that Lifestyle Trader Pty Ltd (LT) ceased as an authorised representative of LIS on 13 December 2011. LT was a software provider and marketing company. LT sold its computer software which assists clients to trade in US stocks, foreign exchange or currency markets, commodities or futures markets, exchange traded funds and share options. LT operated out of Queensland.


On 8 August 2011, ASIC accepted an Enforceable Undertaking from LIS, LT and Mr Wilson relating to their marketing of an options trading program.