ASIC media releases are point-in-time statements. Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters.

Wednesday 30 March 2022

22-072MR ASIC cancels AFS licence of Brendan Kennedy

ASIC has cancelled the Australian financial services (AFS) licence of Brendan Kennedy.

ASIC cancelled the licence because Mr Kennedy failed to maintain external dispute resolution membership with the Australian Financial Complaints Authority (AFCA) and failed to lodge the profit and loss statement, balance sheet and compliance certificate for financial years ended 30 June 2020 and 30 June 2021.

Under the Corporations Act, ASIC may suspend or cancel an AFS licence if a licensee fails to meet its general obligations under s912A. This includes the obligation to hold membership of a dispute resolution system and lodge financial statements annually with ASIC.

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

Background

Brendan Kennedy has held a limited AFS licence since 18 May 2017 (AFSL 489192) and may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Last updated: 30/03/2022 12:00