The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Lief Pty Ltd, effective 21 August 2025, citing the firm’s failure to maintain membership of the Australian Financial Complaints Authority (AFCA). ASIC also found failures to comply with financial reporting obligations. AFS licensees are legally required to be AFCA members, which provides consumers access to an external dispute resolution scheme when complaints are not resolved internally. ASIC noted that AFCA must notify it if an entity is expelled or seeks to withdraw from the scheme, and that it has power under section 915C of the Corporations Act to cancel an AFS licence where the licensee has not met obligations under section 912A, including AFCA membership and compliance with financial services laws such as section 989B annual financial statements. Lief may apply to the Administrative Review Tribunal for review of ASIC’s decision.
Australian Securities & Investments Commission 2025-09-29
Australian Securities & Investments Commission cancels Lief Pty Ltd’s Australian financial services licence for failing to hold AFCA membership
The Australian Securities & Investments Commission (ASIC) has cancelled Lief Pty Ltd's financial services licence, effective 21 August 2025, due to its failure to maintain membership with the Australian Financial Complaints Authority (AFCA) and non-compliance with financial reporting obligations. ASIC emphasized that AFS licensees must be AFCA members to provide consumers access to an external dispute resolution scheme. Lief may seek a review of this decision by the Administrative Review Tribunal.