The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence held by Vesta Living Communities Limited (Vesta).

The cancellation took effect on 28 November 2018.

ASIC's decision was made after Vesta failed to meet its compliance and reporting obligations, and carry out specific undertakings, after its AFS licence was suspended on 25 May 2018 (ref: 18-169MR).

Vesta has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

The principal activity of the Vesta group of entities was the acquisition and operation of a tourist park in Queensland.