Banned director’s firm’s AFSL cancelled
A month after its sole director was banned from providing financial services, Leedam's Australian financial services licence (AFSL) has been cancelled after ceasing to carry on its financial services business.
The insurance firm was authorised to provide financial services in relation to general insurance products and held its AFSL from 10 February 2004.
However, the Australian Securities and Investments Commission (ASIC) found the Bondi-based firm ceased to carry on its financial services business in February 2015.
In October 2015, ASIC banned its sole director, Isaac Hakim, from providing financial services after it found Hakim had engaged in misleading and deceptive conduct in relation to fees Leedam charged its clients.
Leedam was formerly known as I&S Insurance Group, incorporated on 15 January 1993. It changed its name to I&S Insurance Broking Group on 19 January 1993 and then to Leedam on 9 February 2015.
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