ASIC has suspended the Australian financial services (AFS) licence of Responsible Entity Services Limited (Responsible Entity Services) until 11 June 2025.

The AFS licence was suspended because Responsible Entity Services is under external administration.

On 26 March 2024, Responsible Entity Services was placed into voluntary administration. Rachel Burdett and Barry Wight of Cor Cordis were appointed as administrators.

For further information about the administration, please contact the administrators.

Responsible Entity Services may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

Background

Responsible Entity Services is the holder of AFS licence no. 299024.

ASIC has the power to suspend or cancel an AFS licence held by a Chapter 5 body corporate. A Chapter 5 body corporate includes a body corporate that is under administration.

Although ASIC has suspended Responsible Entity Services’ AFS licence, it has used its power under s915H of the Corporations Act to allow the administrators to conduct certain necessary activities under the licences during the administration. These activities are:

• transferring the Schemes to a new responsible entity;
• investigating or the preserving of the assets and affairs of the Schemes; and
• winding up the Schemes.

Responsible Entity Services was previously known as Investor Exchange Limited (IEL). ASIC has also suspended IEL’s AFS licence in 2021 (refer 21-018MR ASIC suspends AFS licence of Investors Exchange Limited | ASIC ).