ASIC enacts Sydney AFSL cancellation over non-compliance
ASIC has cancelled the AFSL of Arrumar Private after it failed to comply with the conditions of its licence.
Sydney-based Arrumar was authorised to carry on 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.
- 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.
The Australian Financial Complaints Authority (AFCA) said it expelled Arrumar in November 2024 for unpaid fees.
The AFSL cancellation takes effect from 23 October 2025.
Under s915C(1) of the Corporations Act, ASIC may cancel an AFS licence for failing to comply with its obligations as a licensee.
Arrumar has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
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