Australia's Financial markets regulator ASIC has revoked Starfish Financial Services Pty Ltd's regulatory authorisation, which allowed the company to trade interests in managed investment schemes to wholesale clients.

The Australian Financial Services (AFS) licence was cancelled because Starfish failed to maintain the organisational capacity required to provide the financial services covered by its AFS licence and meet its financial reporting obligations.

Starfish was granted an AFS license in October 2017 and is now only allowed to provide essential financial services until April 30, during its closing process.