The Australian Securities and Investments Commission (ASIC) announced yesterday that it has suspended the Australian Financial Services (AFS) licence of Lendfin Private Pty Ltd (Lendfin) until 1 March 2024.

The license authorizes Lendfin to handle interests in managed investment plans to institutional clients and to provide general advice and basic deposit product trading services.

The regulator explained that the license was suspended due to Lendfin's failure to maintain the required organizational capacity to provide the financial services covered by its AFS license, as well as its failure to meet its financial reporting obligations.

Following the end of the suspension period, ASIC may take further action if Lendfin fails to correct the above breaches.

Last week, the Australian regulator issued two temporary stop orders to Interactive Brokers Australia Pty Ltd, The company was barred from issuing a Stock Yield EnhancementProgram derivative to retail investors due to deficiencies in the product's target market identification and product disclosure statement.