ASIC has cancelled the Australian financial services (AFS) licence of AIE Fiduciary Services Pty Ltd (AIE) following an application by AIE.

The application was made after ASIC raised a number of concerns about the management of AIE and its compliance with the AFS licence obligations, in particular, of the monitoring and supervision of certain authorised representatives.

AIE, based in Sydney, was previously called The International Securities and Derivatives Group Pty Ltd and provided financial product advice in relation to securities, derivatives and foreign exchange contracts.

ASIC recently accepted an enforceable undertaking (EU) from Mr Manish Babulal Jani, who was a director of AIE from 18 April 2013 to 8 November 2013. The effect of the EU was to prevent Mr Jani from managing a corporation for five years (refer: 14-033MR).