Australian Securities & Investments Commission suspends Prime Value Asset Management licence until 7 August 2026 over audit and financial reporting failures

The Australian Securities & Investments Commission has suspended the Australian financial services licence of Prime Value Asset Management Limited until 7 August 2026 after the firm failed to meet its statutory audit and financial reporting lodgement obligations for the financial years ending 2024 and 2025. During the suspension, Prime Value cannot issue interests in its managed investment schemes to new investors. The suspension still allows Prime Value to provide financial services that are reasonably necessary for, or incidental to, the day-to-day operation or management of the schemes, including reinvestment of income distributions by existing investors. ASIC also found that Prime Value had previously failed to meet financial resource requirements and to lodge compliance plan audit reports for some of its retail schemes, although those breaches have been rectified. Prime Value remains subject to its licence obligations while the licence is suspended. Prime Value is the responsible entity of eight registered managed investment schemes, is trustee of 53 unregistered managed investment schemes and provides a wholesale managed discretionary account service. The firm may apply to the Administrative Review Tribunal for a review of ASIC's decision.