ASIC has cancelled the Australian financial services (AFS) licence of NSW based financial services provider Migration Cover Pty Ltd (Migration Cover), effective 4 December 2020.

ASIC found that Migration Cover failed to lodge its 2019 annual accounts and maintain membership with the Australian Financial Complaints Authority (AFCA). ASIC also found that Migration Cover was no longer carrying on a financial services business.

Under the Corporations Act 2001, ASIC may suspend or cancel an AFS licence if the licensee is no longer providing financial services or fails to meet its legal obligations, including its obligations to lodge financial statements and auditor’s reports annually and hold membership of a dispute resolution system.

The cancellation of Migration Cover’s AFS licence is part of ASIC’s ongoing efforts to improve standards across the financial services industry.

Background

Migration Cover Pty Ltd held AFS licence 471072 since 8 May 2015. Migration Cover may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.