ASIC cancels AFSL of Sydney managed investment scheme adviser
ASIC has cancelled the Australian financial services licence (AFSL) of Ivy League Capital Pty Ltd.
The NSW financial services firm commenced its AFSL in 2018 and was formerly known as Reworth Capital but has now been cancelled by ASIC with effect from 17 November 2025.
ASIC said the cancellation follows the firm’s failure to lodge audited financial reports for the year ended 30 June 2022 and all subsequent years for which it was required to lodge audited financial reports.
It also failed to maintain membership of the Australian Financial Complaints Authority (AFCA) scheme.
Ivy League Capital authorised the firm to carry on a financial services business to deal in and provide financial product advice in relation to deposit and payment products, interests in managed investment schemes and provide custodial or depository services to wholesale clients.
Ivy League has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
Under s915C(1) of the Corporations Act, ASIC may cancel an AFS licence for failing to comply with its obligations as a licensee.
This is the third Sydney AFSL cancellation in recent months.
Last month, ASIC cancelled the AFSL of Arrumar Private, a financial services business to deal in and provide financial product advice in relation to deposit and payment products, debentures, stocks or bonds issued by government, life products, interests in managed investment schemes, MDA services, securities, retirement savings accounts, margin lending, and superannuation to retail and wholesale clients.
It had held an AFSL since January 2019, but the corporate regulator found Arrumar did not comply with its obligations to be a member of an external dispute resolution scheme or a lodge with ASIC a true and fair profit and loss statement, balance sheet, and auditor’s report for the financial year ending 30 June 2024.
Earlier in the month, it cancelled the AFSL of a Sydney asset consultant and research firm called CPG Research & Advisory after ASIC became aware that CPG had ceased to carry on a financial services business.
The firm also failed to pay industry funding levies, which were outstanding for over 12 months.
AUTHOR
Laura Dew
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