ASIC Cancelled AFS Licence of Jels Financial Group Pty Ltd

Australian Securities and Investments Commission (ASIC) released an announcement that it has cancelled the Australian financial service (AFS) licence of financial services provider Jels Financial Group Pty Ltd (Jels).

The reason why ASIC cancelled AFS licence of Jels is that Jels failed to demonstrate that it had the competence or resources to provide financial services as required under its licence.

Under the terms of its AFS licence, Jels was required to have a ‘key person’. Following the death of its key person, Jels failed to appoint a new key person. Jels’ sole corporate authorised representative was also insolvent.

Jels also failed to lodge its audited accounts for the 2017-19 financial years. AFS licensees must lodge their financial statements and auditor’s reports annually. Licensees must do this to demonstrate they have the financial resources to provide the services covered by their licence and to conduct their business lawfully. ASIC may suspend or cancel a licence if the licensee fails to meet this obligation.

Jels held AFS licence no. 461971 since 24 September 2014.