The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licences (AFSLs) of Jels Financial Group and Selectinvest.
Selectinvest had its AFSL cancelled as it failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority (AFCA), and had failed to lodge its annual financial and audit reports since 2017.
Jels had its AFSL cancelled as it failed to demonstrate it had the competence or resources to provide financial services as required under its licence.
Under the terms of its AFSL, Jels was required to have a “key person” and following the death of its key person, it failed to appoint a new one.
Jels’ sole corporate authorised representative was also insolvent and it also failed to lodge its audited accounts for the 2017-19 financial years.
Selectinvest held AFS licence no. 240774 since 8 December, 2003, and may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision; while Jels held AFS licence no. 461971 since 24 September, 2014.
