ASIC's Regulatory Actions: Haywards Audit AFS License Cancelled, Responsible Entity Services License Suspended

The Australian Securities and Investments Commission (ASIC) today announced the cancellation of the Australian Financial Services (AFS) license of Haywards Audit Pty Ltd (Haywards Audit) effective from June 7, 2024. Additionally, ASIC has suspended the AFS license of Responsible Entity Services Limited (Responsible Entity Services) until June 11, 2025.

Haywards Audit, which has held AFS license 489231 since March 27, 2017, had its license canceled because it is no longer actively engaged in financial services activities. Under the Corporations Act, ASIC has the authority to cancel the AFS license of a body corporate when it ceases to operate financial services activities.

Responsible Entity Services holds AFS license no. 299024. The suspension of its license was due to the company entering voluntary administration on March 26, 2024. ASIC indicated that it has the power to suspend or cancel the AFS license held by a Chapter 5 body corporate, which includes corporations under administration.

Despite the suspension of Responsible Entity Services' AFS license, ASIC has granted the administrators permission, under s915H of the Corporations Act, to undertake certain essential activities under the licenses during the administration period. These activities include transferring the Schemes to a new responsible entity, investigating or preserving the assets and affairs of the Schemes, and winding up the Schemes.