ASIC has cancelled the Australian financial services (AFS) licence of TCI Capital Advisers Pty Ltd (TCI) following concerns it failed to comply with its compliance obligations.

Melbourne-based TCI provided investment advice, assistance and research to wholesale clients such as multinational corporations and institutional investment funds.

ASIC cancelled the licence after TCI management failed to ensure the company had adequate financial resources to provide its services.

TCI also failed to lodge audited financial accounts for FY2010, FY2011, FY2012, FY2013 and FY2014 within the required timeframe, and failed to report this breach to ASIC.

TCI has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.

Background

The cancellation of TCI’s AFS license is effective 19 May 2015.