ASIC takes action on two Qld AFSLs

ASIC AFSL queensland

13 June 2024
| By Laura Dew |
expand image

ASIC has taken action on two Queensland-based AFSLs, one receiving a suspension and one seeing their licence cancelled.

Responsible Entity Services Limited, based in Meadowbrook, Queensland, has seen its licence suspended by the corporate regulator until 11 June 2025.

This was due to the firm being under external administration. On 26 March 2024, Responsible Entity Services was placed into voluntary administration, with Rachel Burdett and Barry Wight of Cor Cordis appointed as administrators.

While the licence has been suspended, ASIC said the administrators are allowed to conduct the following necessary activities under the Corporations Act:

  • Transferring the schemes to a new responsible entity
  • Investigating or preserving the assets and affairs of the schemes
  • Winding up the schemes

According to ASIC Connect, the firm was formerly known as Investors Exchange Ltd, Investaguard Ltd, No Limit Capital Ltd and Dean Capital Ltd in the past.  

ASIC has the power to suspend or cancel an AFS licence held by a Chapter 5 body corporate including a body corporate that is under administration.

Secondly, ASIC has cancelled the AFSL of Haywards Audit Pty which took place on 7 June as the firm is no longer carrying on a financial services business. The firm was based in Lutwyche, near Brisbane.

Under the Corporations Act, ASIC may cancel an AFS licence held by a body corporate if the body ceases to carry on a financial services business.

Both firms may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.


Read more about:


Submitted by Anders Huitfeldt on Thu, 2024-06-13 13:37

Financial planner is just another name for an ex used car dealer

Submitted by Mark Marshall on Wed, 2024-06-19 19:22

And that is news?

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry



Get rid of the rest of the old guard to clean up the culture, then you might have a chance....

16 hours 34 minutes ago
Ray Mitchell

The previous directors and managers of both Dixon Advisory and the ultimate holding company Evans and Partners should be...

1 day 4 hours ago
Old Fella

Why would any Licensee invest in educating and training new advisers, when as soon as the handcuffs come off, they will ...

1 day 8 hours ago

More than 20 winners from the funds management industry have been crowned at this year’s awards....

4 weeks 1 day ago

ASIC has obtained interim orders from the Federal Court to freeze the assets of a registered managed fund and prevent its former director from leaving Australia. ...

3 weeks 2 days ago

Insignia Financial has unveiled a new operating model and executive team, including a new head of advice, while three senior executives are set to depart the licensee....

1 day 18 hours ago