The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Rynco Pty Ltd for ongoing non-compliance.

ASIC found that Rynco has not maintained the competence to provide financial services as it does not have an active responsible manager and its directors are not fulfilling their oversight role.

Also, the firm did not have adequate resources to provide financial services and to carry out supervisory arrangements due to its failure to pay the Industry Funding Levy and Financial services Compensation Scheme of Last Resort (CSLR) annual levy.

Further, Rynco had not complied with the key person condition on its licence to inform ASIC within five business days of a change in the key person who would perform duties on behalf of the AFSL with respect to its financial services business, and the replacement.

Finally, the firm had not complied with financial services laws by failing to prepare and lodge annual accounts.

Rynco may apply to the Administrative Review Tribunal for a review of ASIC’s decision.

Sydney-based Rynco Pty Ltd has held AFS licence 479840 since 12 October 2015.