ASIC has cancelled the Australian financial services (AFS) licence of the AFSL Group Pty Ltd (AFSL Group). The cancellation took effect on 2 December 2022.

An ASIC surveillance found that AFSL Group failed to:

• lodge its financial statements and audit reports for the financial years ending 30 June 2020 and 30 June 2021, and
• maintain membership of the AFCA scheme.

Licensees are required to lodge financial statements and audit reports with ASIC to demonstrate their capacity to provide financial services. Failure to comply with reporting obligations can be an indicator of a poor compliance culture.

AFCA provides external dispute resolution services for consumers that have unresolved disputes with entities providing financial and credit services. Where licensees fail to maintain external dispute membership, ASIC will take action to cancel or suspend their licence.

The licence was cancelled because AFSL Group failed to comply with its obligation to lodge financial statements and audit reports for the financial years ended 30 June 2020 and 30 June 2021 and did not maintain external dispute membership.

Since ASIC’s surveillance, AFSL Group has applied for reinstatement of its AFCA membership.

AFSL Group may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

Background

AFSL Group held AFS licence number 276895 since 16 August 2004.