ASIC cancels AFS licence of Global Funding Partners Pty Ltd
The Australian Securities and Investments Commission (ASIC) announces that it has cancelled the Australian financial services (AFS) licence of Global Funding Partners Pty Ltd (AFSL 502802).
The licence was cancelled on the basis that Global Funding Partners has ceased to carry on a financial services business.
The cancellation follows enquiries made by ASIC about Global Funding Partners’ failure to be a member of the Australian Financial Complaints Authority (AFCA). Let’s note that AFCA membership is compulsory for AFS license holders. AFCA is a dispute resolution scheme.
ASIC may cancel an AFS licence held by a body corporate without a hearing if the body ceases to carry on a financial services business.
The regulator has cancelled several AFS licenses lately. Early in July, ASIC said it had cancelled the AFS licence of Quattro Management Pty Limited. The licence was cancelled because Quattro Management has never provided financial services since the AFS licence was issued in 2009.