The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Rynco Pty Ltd (AFS licence 479840) after identifying ongoing non-compliance. ASIC found that Rynco had not maintained the competence to provide financial services because it did not have an active responsible manager and its directors were not fulfilling their oversight role. The firm also lacked adequate resources, reflecting failures to pay the Industry Funding Levy and the Compensation Scheme of Last Resort (CSLR) annual levy, and to maintain an active responsible manager. Additional breaches included failing to meet the licence key person condition to notify ASIC within five business days of changes and replacements, and failing to prepare and lodge annual accounts. Rynco may apply to the Administrative Review Tribunal for a review of ASIC’s decision.
Australian Securities & Investments Commission 2025-12-18
Australian Securities & Investments Commission cancels Rynco Pty Ltd’s Australian financial services licence for ongoing non-compliance
The Australian Securities & Investments Commission (ASIC) has revoked the Australian financial services licence of Rynco Pty Ltd due to persistent non-compliance. ASIC cited Rynco's failure to maintain competence, lack of an active responsible manager, inadequate resources, and breaches in notification and financial reporting obligations. Rynco may seek a review of this decision by the Administrative Review Tribunal.