ASIC has cancelled the Australian financial services (AFS) licence of Centurion Custodian Funds Management Ltd (Centurion), effective from 18 January 2023.

The license authorised Centurion to provide specified financial services, including financial product advice and dealing in interests in managed investment schemes for wholesale clients. 

ASIC cancelled the licence because Centurion had not provided any financial services under the licence since it was issued.

On 20 January 2023, Centurion applied to the Administrative Appeals Tribunal (AAT) seeking a review and stay of ASIC’s decision. The AAT refused the stay application on 4 May 2023 and the hearing for a substantial review of ASIC’s decision has been set for 10 July 2023.

Background

Under the Corporations Act, ASIC may cancel an AFSL licence held by a body corporate without a hearing if the body does not provide financial services covered by the licence before the end of six months after the licence was granted. 

Centurion Custodian Funds Management Ltd has held AFS licence no. 286801 since 20 May 2005. 

Editor’s note 1:

The AAT heard the substantive review application on 11 July 2023 (relisted from 10 July). The AAT has reserved its decision in respect of Centurion’s application for review.

Editor’s note 2:

On 19 July 2023, the AAT affirmed ASIC’s decision to cancel Centurion’s AFS licence.