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20-303MR ASIC cancels two AFS licences
ASIC has adopted the practice of issuing combined media releases about administrative action. There is no relationship between the matters or the subjects in this media release, except that ASIC has taken administrative action.
ASIC cancels AFS licence of Jels Financial Group Pty Ltd
ASIC has cancelled the Australian financial services (AFS) licence of Victorian financial services provider Jels Financial Group Pty Ltd (Jels).
ASIC cancelled the licence because Jels failed to demonstrate that it had the competence or resources to provide financial services as required under its licence.
Under the terms of its AFS licence, Jels was required to have a ‘key person’. Following the death of its key person, Jels failed to appoint a new key person. Jels’ sole corporate authorised representative was also insolvent.
Jels also failed to lodge its audited accounts for the 2017-19 financial years. AFS licensees must lodge their financial statements and auditor’s reports annually. Licensees must do this to demonstrate they have the financial resources to provide the services covered by their licence and to conduct their business lawfully. ASIC may suspend or cancel a licence if the licensee fails to meet this obligation.
Jels held AFS licence no. 461971 since 24 September 2014.
ASIC cancels AFS licence of Selectinvest Pty Ltd
ASIC has cancelled the Australian financial services (AFS) licence of Western Australian financial services provider, Selectinvest Pty Ltd (Selectinvest).
ASIC cancelled the licence because Selectinvest failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority (AFCA), and had failed to lodge its annual financial and audit reports since 2017.
Under the Corporations Act, ASIC may suspend or cancel an AFS licence if the licensee fails to meet its obligations under s912A. This includes the obligation to hold membership of a dispute resolution system.
AFS licensees must lodge their financial statements and auditor’s reports annually. Licensees must do this to demonstrate they have the financial resources to provide the services covered by their licence and to conduct their business lawfully.
ASIC expects AFS licensees to do all things necessary to meet their obligations under financial services laws, comply with their licence conditions, and ensure that the financial services covered by the licence are provided efficiency, honestly and fairly.
Selectinvest has held AFS licence no. 240774 since 8 December 2003. The licensee may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.