The Australian Securities and Investments Commission (ASIC) has revoked AFSL Group Pty Ltd's Australian Financial Services (AFS) license, effective December 2, 2022.

ASIC investigation found that AFSL Group did not:

Submit financial statements and audit reports for the fiscal years ended June 30, 2020 and June 30, 2021;

Maintain membership in the Australian Financial Complaints Authority (AFCA) program.

The licensee is required to submit financial statements and audit reports to ASIC to demonstrate their ability to provide financial services. Failure to comply with reporting obligations may be an indicator of poor compliance culture.

AFCA provides external dispute resolution services to consumers who have unresolved disputes with entities providing financial and credit services. If the licensee fails to maintain external dispute membership, ASIC will take action to cancel or suspend their license.

Due to ASIC's supervision, AFSL Group has applied to restore its AFCA membership.

AFSL Group has been holding an AFS license number 276895 since August 16, 2004.