ASIC has cancelled the Australian financial services (AFS) licence of Starfish Financial Services Pty Ltd (Starfish).

The licence authorised Starfish to deal in interests in managed investment schemes to wholesale clients.

ASIC cancelled the licence because Starfish failed to maintain the required organisational competence to provide the financial services covered by its AFS licence and to meet its financial reporting obligations.

Starfish is permitted to provide financial services that are reasonably necessary for, or incidental to the winding up of the fund it operates until 30 April 2023.

Starfish may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

Starfish has held AFS licence no. 495223 since 3 October 2017. 

Editor's Note:

The trial was held before her Honour Justice Hespe in the Federal Court in Melbourne from 5 to 14 February 2024. Closing submissions will be heard on 18 March 2024.