ASIC cancels responsible entity AFSL

12 April 2017

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of DD&D Securities Ltd for failing to comply with a number of its obligations.

The corporate regulator found the licensee failed to maintain membership with an external dispute resolution scheme approved by ASIC, failed to lodge its financial reports within the required timeframe, failed to lodge compliance plan audits for the managed investment scheme it operates within the required timeframe, and failed to notify ASIC of significant breaches within the required timeframe.

ASIC commissioner, John Price said: “A responsible entity needs to ensure a managed investment scheme is operated in accordance with the Corporations Act.

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“As this matter demonstrates, ASIC will act where a responsible entity fails to lawfully perform this gatekeeper role and to comply with its obligations and licence conditions.”

DD&D Securities’ AFSL was cancelled with effect from 5 April. It is the responsible entity for regional Victorian mortgage scheme, Dwyers Managed Investments.

The firm has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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