ASIC has suspended the Australian financial services licence of a Melbourne fund management firm.
The regulator said the licence of Id Funds has been suspended until 28 February 2025 on the basis that the firm failed to meet its statutory audit and financial reporting lodgement obligations.
This applied for the financial year 2023 and 2024.
Id Funds has held the AFSL since 29 March 2017.
ASIC will lift the suspension earlier if Id Funds complies with its statutory audit and financial reporting lodgement obligations.
If the firm does not comply with its obligations by the end of the suspension period, then ASIC said it might consider further action.
The firm may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
