ASIC Revokes AFS Licence of Sug Ou Jeung

The Australian Securities and Investments Commission (ASIC) has today cancelled the Australian financial services (AFS) licence of Sydney-based financial services provider Sug Ou Jeung, effective from June 3, 2024.

Sug Ou Jeung has held AFS licence no. 488806 since 8 June 2017. According to the announcement, the license was cancelled after ASIC became aware that Sug Ou Jeung had never used the licence and had not provided financial services under the licence within six months of the licence having been granted.

Under the Corporations Act, ASIC may cancel an AFS licence held by an individual, by giving written notice to the individual, if the individual does not provide a financial service covered by the licence before the end of six months after the licence is granted.

This is the fourth licence cancellation notice issued by the Australian financial regulator this month, following the cancellations of XTrade​, Aussie Wealth Super​, and Haywards Audit​.