ASIC suspends AFSL of Sydney fund manager
ASIC has suspended the Australian Financial Services Licence (AFSL) of Sydney-based fund manager Edisons Global Pty Ltd over repeated compliance failures.
The licence of Edisons Global Pty Ltd is suspended for six months, from 31 October 2024 to 30 May 2025.
Under its AFSL, Edisons is authorised to deal in financial products, provide financial advice and custodial or depository services to wholesale clients. It operates a managed investment scheme open to wholesale clients.
However, according to ASIC, since Edison’s AFS licence was granted in 2021, the firm has failed to lodge its industry funding metrics or its annual financial statement, auditor report and audit opinion by the due date for the financial years, ending 30 June 2022 and 30 June 2023.
While the licence is suspended, Edisons may:
- continue to provide financial services reasonably necessary for, or incidental to, the winding down of any managed investment scheme it operates for wholesale clients; and
- appoint a new trustee to any such scheme or the daily operation of such a scheme.
It must not issue interests in any managed investment scheme it operates to new members during the period of the suspension.
In October, ASIC announced it had previously cancelled two AFSLs, including one which was a Sydney fund manager, this time over failing to maintain membership of the Australian Financial Complaints Authority (AFCA).
Then it cancelled the AFSL of Aretean, an Australian-owned specialist property funds management and advisory company with over $250 million in assets under management.
Prior to this, the AFSL of Colleen Hennequin, which is a tax accountants and business advisory firm based in Melbourne, was also cancelled for the same reason on 4 July.
AUTHOR
Rhea Nath
Recommended for you
While returns and fees are the top priority for older Australians when it comes to their superannuation, more than one in 10 are calling for access to tailored financial advice.
Determinations by the FSCP since the start of 2025 are almost double the number in the same period of 2024, with non-concessional contribution cap errors and incorrect advice among the issues.
Whether received via human or digital means, financial advice is reportedly leading to lower stress and more confidence, according to Vanguard.
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
