Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Sydney AFSL sees licence cancellation

AFSL/Sydney/ASIC/

14 June 2024
| By Laura Dew |
image
image image
expand image

AFSLs are being reminded to take prompt action once a licence is granted as ASIC makes its latest licence cancellation of a Sydney firm. 

The licence of Sug Ou Jeung, based in Lidcombe, Sydney, was cancelled on 3 June 2024.

ASIC said this was because ASIC became aware that Sug Ou Jeung had never used the licence and had not provided financial services under the licence within six months of the licence having been granted.

It reminded licence holders to act promptly to provide a financial service covered by their licence within six months of the licence being approved.

“Under the Corporations Act, ASIC may cancel an AFS licence held by an individual, by giving written notice to the individual, if the individual does not provide a financial service covered by the licence before the end of six months after the licence is granted.”

Unlike other cases, it was not stated that they had a right to apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

This is the sixth action taken against a Sydney firm since the start of the year. Last week, Burwood-based firm Aussie Wealth Super saw its licence cancelled after the corporate regulator received notification that liquidators had been appointed on 14 March 2024.

ASIC said the terms of the licence cancellation state that Aussie Wealth Super continues to be in effect as though the cancellation had not happened until 3 June 2025. This is for the purpose of having a dispute resolution system and concerning arrangements for compensation.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 day 2 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks 5 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

3 weeks 6 days ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

3 days 20 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND