The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Lief Pty Ltd for failing to hold Australian Financial Complaints Authority (AFCA) membership.

AFS licensees are required by law to be a member of AFCA. AFCA membership gives consumers access to a free, fair, and independent dispute resolution scheme if a complaint cannot be resolved internally by a licensee.

ASIC found Lief also failed to comply with its financial reporting obligations.

Lief has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.

Lief held AFS licence number 373752 since 21 March 2011. It was authorised to carry on a financial services business to deal and provide financial product advice in relation to life and superannuation products to retail and wholesale clients.