ASIC Cancels AFS Licence of Selectinvest Pty Ltd

​According to the latest update, the Australian Securities and Investments Commission (ASIC) has canceled the Australian financial services (AFS) licence of Western Australian financial services provider, Selectinvest Pty Ltd (Selectinvest).

ASIC canceled the licence because Selectinvest failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority (AFCA), and had failed to lodge its annual financial and audit reports since 2017.

Under the Corporations Act, ASIC may suspend or cancel an AFS licence if the licensee fails to meet its obligations under s912A. This includes the obligation to hold membership of a dispute resolution system.

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 expects AFS licensees to do all things necessary to meet their obligations under financial services laws, comply with their licence conditions, and ensure that the financial services covered by the licence are provided efficiency, honestly and fairly.

Selectinvest has held AFS licence no. 240774 since 8 December 2003. The licensee may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision.