Fund manager receives AFSL suspension
ASIC has suspended the Australian financial services licence of a Melbourne fund management firm.
The regulator said the licence of Id Funds has been suspended until 28 February 2025 on the basis that the firm failed to meet its statutory audit and financial reporting lodgement obligations.
This applied for the financial year 2023 and 2024.
Id Funds has held the AFSL since 29 March 2017.
ASIC will lift the suspension earlier if Id Funds complies with its statutory audit and financial reporting lodgement obligations.
If the firm does not comply with its obligations by the end of the suspension period, then ASIC said it might consider further action.
The firm may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Laura Dew
Recommended for you
LGT Wealth Management is maintaining a neutral stance on US equities going into 2026 as it is worried whether the hype around AI euphoria will continue.
Tyndall Asset Management is to close down the Tyndall brand and launch a newly-branded affiliate following a “material change” to its client base.
First Sentier has launched its second active ETF, offering advisers an ETF version of its Ex-20 Australian Share strategy.
BlackRock has revealed that its iShares bitcoin ETF suite has now become the firm’s most profitable product line following the launch of its Australian bitcoin ETF last month.
