ASIC has cancelled the Australian financial services (AFS) licence of Old Cold Gold Pty Ltd (Old Cold Gold).

The licence was cancelled on the basis that Old Cold Gold failed to maintain external dispute resolution membership with the Australian Financial Complaints Authority (AFCA). Further, Old Cold Gold failed to lodge the profit and loss statement and balance sheet for the financial year ended 30 June 2021.

The cancellation took effect on 4 August 2022.

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.

Old Cold Gold may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

Background

Old Cold Gold Pty Ltd held AFS licence number 498843 since 14 August 2017.