ASIC has suspended the Australian financial services (AFS) licence of Id Funds Management Limited (Id Funds) until 28 February 2025.
 
The licence was suspended on the basis that Id Funds failed to meet its statutory audit and financial reporting lodgment obligations for the financial years ending 30 June 2022 and 30 June 2023.

ASIC will lift the suspension earlier if Id Funds complies with its statutory audit and financial reporting lodgment obligations. ASIC may consider further action if Id Funds continues to not comply with its obligations at the end of the suspension period.

Background

Id Funds has held AFS licence no. 488178 since 29 March 2017 and may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.