ASIC has cancelled the Australian financial services (AFS) licence of Victorian-based financial services licensee Jyoti Rahman (AFSL number 488 976).

The AFS licence was cancelled because the licensee is no longer providing financial services.

Licensees that no longer need their AFS licence can apply to ASIC to have their licence cancelled. ASIC may also take action to cancel a licence when a licensee has ceased to carry on a financial services business.

Until ASIC has cancelled an AFS licence, ASIC expects licensees who hold a retail client authorisation to maintain professional indemnity insurance and membership with the Australian Financial Complaints Authority.

Jyoti Rahman may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

Jyoti Rahman has held a limited AFS licence to provide financial product advice about self-managed superannuation funds to retail clients since 8 February 2017 .

Under the Corporations Act, ASIC may suspend or cancel an AFS licence if the licensee is no longer providing financial services.

Further information on how to cancel an AFSL is here.