ASIC has suspended the Australian financial services (AFS) licence of Lendfin Private Pty Ltd (Lendfin) until 1 March 2024.

The licence authorises Lendfin to deal in interests in managed investment schemes to wholesale clients and to provide general advice and deal in basic deposit products.

The licence was suspended because Lendfin failed to maintain the required organisational competence to provide the financial services covered by its AFS licence, and to meet its financial reporting obligations.

At the end of the suspension period, ASIC may take further action if Lendfin fails to rectify these breaches.

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

Background

Lendfin Private Pty Ltd has held AFS licence no. 500786 since 24 April 2018.

Editor's Note 1:

On 29 February 2024, ASIC extended the period of suspension of Lendfin's AFS licence to 1 September 2024.

Editor’s Note 2:

On 29 August 2024, ASIC cancelled Lendfin’s AFS licence. Lendfin has applied to the Administrative Appeals Tribunal for a review of ASIC’s decision.