ob体育 has adopted a practice of issuing combined media releases about administrative action. There is no relationship between the matters or the subjects in this media release, except that ob体育 has taken administrative action.
ob体育 cancels AFS licence of Tailormade Financial Strategies聽聽
ob体育 has cancelled the Australian financial services (AFS) licence of NSW-based financial services provider Tailormade Financial Strategies Pty Ltd (Tailormade).
The cancellation took effect on 9 April 2020.
ob体育 cancelled the AFS licence because Tailormade was in liquidation. Under the Corporations Act 2001, ob体育 may suspend or cancel an AFS licence if the licensee is under administration and is being wound up.
As part of the cancellation, Tailormade is required to maintain its membership of the Australian Financial Complaints Authority for a minimum of 12 months and hold adequate professional indemnity insurance cover.
Tailormade held AFS licence no. 464688 since 31 October 2014.
ob体育 revokes Ausfunds Management Limited鈥檚 AFS licence suspension
ob体育 has revoked its suspension of Sydney-based responsible entity Ausfunds Management Limited鈥檚 (Ausfunds) Australian financial services (AFS) licence.
On 8 April 2020, ob体育 suspended Ausfunds鈥� AFS licence because Ausfunds had breached its AFS licence by failing to maintain sufficient financial resources. In response to the suspension order, Ausfunds raised sufficient funds to rectify its net tangible assets deficiency. In light of this, ob体育 revoked the AFS licence suspension on 21 April 2020.
Responsible entities with an AFS licence are required to meet the minimum level of net tangible assets of $150,000. Ausfunds had not maintained this level of financial resources over two consecutive financial reporting periods, despite reminders from its auditor about the financial requirements of its AFS licence.
Under the Corporations Act, ob体育 has the power to suspend or cancel an AFS licence if a licensee does not comply with the law, or if ob体育 has reason to believe a licensee is likely to contravene its legal obligations.
Ausfunds has sought a review of ob体育鈥檚 decision to suspend its AFS licence in the Administrative Appeals Tribunal. A hearing date for the appeal is yet to be set. Ausfunds has held AFS licence no. 440900 since 11 November 2013. It operates the Ausfunds Special Opportunities Fund managed investment scheme (ARSN 166 360 710).
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