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Thursday 19 December 2019

19-366MR ASIC cancels the AFS Licence of KP International Group Australia Pty Ltd

ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based financial services provider KP International Group Australia Pty Ltd, effective 22 November 2019.

The AFS licence was previously suspended by ASIC until 23 September 2020 (19-289MR).

After the suspension commenced, KP International Group Australia Pty Ltd advised ASIC that all relevant officers of the company had resigned and that the company had ceased to carry on a financial services business. In light of this, ASIC has cancelled the company’s AFS licence.   

Since the suspension of KP International Group Australia Pty Ltd’s AFS licence, the Australian Financial Complaints Authority (AFCA) has notified ASIC that it has received multiple complaints from people located offshore regarding a company purporting to be  KP International Group Australia Pty Ltd (refer: AFCA information).

On the information currently available to it, ASIC does not know if there is a link between the entity provoking the complaints to AFCA and the formerly licensed Australian entity. ASIC’s inquiries are continuing.

ASIC advises consumers to exercise caution in relation to any company purporting to offer financial services under the name KP International Group Australia Pty Ltd.

Last updated: 23/12/2019 09:54