Sydney AFSL sees licence cancellation

AFSL Sydney ASIC

14 June 2024
| By Laura Dew |
image
image
expand image

AFSLs are being reminded to take prompt action once a licence is granted as ASIC makes its latest licence cancellation of a Sydney firm. 

The licence of Sug Ou Jeung, based in Lidcombe, Sydney, was cancelled on 3 June 2024.

ASIC said this was because ASIC became aware that Sug Ou Jeung had never used the licence and had not provided financial services under the licence within six months of the licence having been granted.

It reminded licence holders to act promptly to provide a financial service covered by their licence within six months of the licence being approved.

“Under the Corporations Act, ASIC may cancel an AFS licence held by an individual, by giving written notice to the individual, if the individual does not provide a financial service covered by the licence before the end of six months after the licence is granted.”

Unlike other cases, it was not stated that they had a right to apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

This is the sixth action taken against a Sydney firm since the start of the year. Last week, Burwood-based firm Aussie Wealth Super saw its licence cancelled after the corporate regulator received notification that liquidators had been appointed on 14 March 2024.

ASIC said the terms of the licence cancellation state that Aussie Wealth Super continues to be in effect as though the cancellation had not happened until 3 June 2025. This is for the purpose of having a dispute resolution system and concerning arrangements for compensation.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 day 18 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

6 days ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 4 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 5 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

4 days 22 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

4 days ago