The Australian financial regulator has removed a licence from a school providing training on the stock market.

An Australian training school for financial traders and investors has been stripped of its licence for making misleading statements and managers have been banned by the country's financial regulator.

The Australian Financial Services licence of the Sharemarket College, in Brisbaine, has been removed by the Australian Securities and Investments Commission, the watchdog said yesterday. ASIC also banned Graeme Rogers and Jill Rogers, the responsible managers.

The organisation made misleading or deceptive statements in relation to a financial product or a financial service; it gave personal advice to clients when they were only licensed to provide general advice; it did not notify ASIC of significant breaches within 10 days and did not maintain the competence to provide financial services authorised under its licence.

Graeme Rogers was banned from providing financial services for a period of four years. Jill Rogers was banned from providing financial services for three years.

The Sharemarket College was defined as a "registered training organisation" and offered training programmes on trading in the share market, intraday markets and exchange traded options markets.