ASIC Revokes AFS Licence of Starfish Financial Services

The Australian Securities and Investment Commission (ASIC) announced today the cancellation of the Australian financial services (AFS) licence of Starfish Financial Services Pty Ltd (Starfish).

Starfish has held AFS licence since 3 October 2017, authorizing it to deal in interests in managed investment schemes to wholesale clients. The license was cancelled on the basis that the firm failed to maintain the required organisational competence to deliver the financial services covered by its AFS licence and to meet its financial reporting obligations, explained the watchdog.

The Australian regulator notes that Starfish is permitted to offer financial services that are reasonably necessary for, or incidental to the winding up of the fund it operates until 30 April 2023.

Previously, ASIC has suspended AFS licence of Cartesian Corporate Finance Limited​ until 25 August 2023, as the company has ceased to carry on a financial services business.