ASIC media releases are point-in-time statements. Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters.

Tuesday 28 June 2016

16-206MR ASIC cancels Advamode's AFS licence

ASIC has cancelled the Australian financial services (AFS) licence of Queensland-based Advamode Financial Pty Ltd (Advamode). 

The cancellation was made at Advamode's request after the company was placed into liquidation on 4 May 2016.

The licence cancellation and liquidation follow previous ASIC action against Advamode that led to licence conditions being imposed on the financial services firm on 2 September 2015 (refer: 15-242MR).

Clients of Advamode can still lodge a complaint about any advice received from representatives of Advamode. Advamode's licence remains in effect for the purposes of External Dispute Resolution Scheme membership and client compensation purposes. Clients with concerns are encouraged to lodge any complaints as soon as possible.

The AFS licence cancellation took effect on 20 June 2016.

Last updated: 28/06/2016 12:00