Two financial services providers have seen changes to their Australian financial services (AFS) licences by the Australian Securities and Investments Commission (ASIC).
The first was New South Wales firm Tailormade Financial Strategies which had its AFS licence cancelled as it had gone into liquidation.
As part of the cancellation, which took effect on 9 April, 2020, Tailormade was required to hold professional indemnity insurance cover and maintain membership of the Australian Financial Complaints Authority for 12 months.
The second change was a licence revoke for Sydney-based Ausfunds Management which had its licence suspended on 8 April for failing to maintain sufficient financial resources over two consecutive financial reporting periods.
The required funds to rectify its net tangible assets deficiency had since been raised by Ausfunds and ASIC revoked the suspension on 21 April, 2020. Responsible entities with an AFS licence were required to meet the minimum level of net tangible assets of $150,000.
Ausfunds was seeking a review of the ASIC decision but a hearing date was yet to be set.