The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of Future Asset Management International (FAMI) due to the licence being in liquidation.
FAMI was the responsible entity of Future Asset Holding Fund, Future Conservation Fund, Future Medical Fund, Future Investment Fund and Future Mortgage Income Fund.
Under the terms of the licence cancellation, the liquidators of FAMI could continue to conduct certain necessary activities until 31 May, 2022. These activities were:
- Transferring the funds to a new responsible entity;
- Investigating or the preserving of the assets and affairs of the funds; and
- Winding up the funds.
FAMI held an AFSL since 5 October, 2012, and Christopher Baskerville of Jirsch Sutherland Pty was appointed liquidator to FAMI on 14 September, 2021.
The cancellation was effective 5 November, 2021, and FAMI may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.