ASIC Cancels AFS Licence of ABL Funds Management

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of ABL Funds Management Pty Ltd.

The regulator stated the licence was revoked because the firm failed to meet its statutory audit and financial reporting lodgement obligations for three consecutive financial years, ending 30 June 2023, 2024, and 2025.

ABL retains the right to apply to the Administrative Review Tribunal for a review of ASIC's decision.

The company had held AFS licence number 457446 since August 2014, which authorised it to provide general financial product advice, deal in financial products, and offer custodial and depository services to wholesale clients.

Under the Corporations Act 2001, ASIC has the authority to suspend or cancel an AFS licence when a licensee does not comply with its financial reporting and audit obligations.