ASIC has cancelled the Australian financial services (AFS) licence of Narrow Lane Investments Pty Ltd (Narrow Lane)(AFS Licence No 332891) at its request.

ASIC had previously suspended Narrow Lane’s AFS licence after the company failed to comply with a number of key obligations. ASIC suspended the AFS licence for four months in order to provide Narrow Lane with an opportunity to meet these obligations and address ASIC’s concerns. Narrow Lane subsequently requested that ASIC proceed to cancel its AFS licence.

Narrow Lane’s AFS licence was cancelled effective 6 October 2015.

Background

On 10 August 2015 ASIC suspended Narrow Lane’s AFS licence due to concerns that Narrow Lane:

• Failed to comply with the "key person" condition on its AFS licence - "key persons" will usually be named on the licence in a "key person" condition which imposes additional obligations on the licensee;

• Did not have adequate financial and human resources;

• Did not have the competence to provide the services covered by its AFS licence; and

• Failed to provide breach notifications to ASIC relating to the above breaches.