ASIC has cancelled the Australian financial services (AFS) licence of Remi Investment Services Pty Ltd (RIS).

The licence was cancelled because RIS is no longer carrying on a financial services business.

The cancellation took effect on 27 November 2023.

Under the Corporations Act, ASIC may cancel an AFS licence held by a body corporate if it ceases to carry on a financial services business under s915B.

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

Background

RIS held AFS licence number 234703 since 31 October 2003. Before it ceased to carry on a financial services business, RIS authorised Remi Capital Pty Ltd (Remi) to provide financial services. Remi was wound up by order of the Supreme Court of Queensland on 9 June 2022 and is currently under external administration.