The Australian Securities & Investments Commission (ASIC) cancelled the Australian financial services (AFS) licence of BDS Accounting Pty Ltd, effective from 28 July 2025, after the firm failed to pay industry funding levies outstanding for more than 12 months. ASIC cited its power under section 915B(3)(e) of the Corporations Act 2001, which allows suspension or cancellation of an AFS licence where a licensee is liable for a levy under the ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid the levy and any applicable late payment or shortfall penalties in full at least 12 months after the payment due date. BDS Accounting held AFS Licence 489230 since 5 December 2017 and was authorised to deal in and provide financial product advice on superannuation, limited to self-managed superannuation funds. BDS Accounting has the right to seek a review of ASIC’s decision at the Administrative Review Tribunal.
Australian Securities & Investments Commission 2025-08-28
Australian Securities & Investments Commission cancels BDS Accounting’s AFS licence for non-payment of industry funding levies
The Australian Securities & Investments Commission (ASIC) cancelled the Australian financial services licence of BDS Accounting Pty Ltd, effective 28 July 2025, due to unpaid industry funding levies outstanding for over 12 months. This action was taken under section 915B(3)(e) of the Corporations Act 2001. BDS Accounting, which held AFS Licence 489230 since December 2017, can seek a review of ASIC’s decision at the Administrative Review Tribunal.