The Australian Securities & Investments Commission (ASIC) cancelled the Australian financial services (AFS) licences of Downunder Insurance Services Ltd and Ipraxis Pty Ltd after the firms failed to pay industry funding levies that had been outstanding for more than 12 months. The cancellations took effect from 24 June 2025 for Downunder Insurance Services and 25 June 2025 for Ipraxis. ASIC acted under section 915B(3)(e) of the Corporations Act 2001, which allows suspension or cancellation where a licensee is liable for a levy under the ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid the amount in full, including any late payment and shortfall penalties, at least 12 months after the payment due date. Downunder Insurance (AFS licence 281478) was authorised to deal in and provide advice on general insurance products to retail clients, while Ipraxis (AFS licence 329337) was authorised to deal in and provide advice on deposit and payment products, life products, interests in managed investment schemes, securities, retirement savings accounts and superannuation. Both firms may apply to the Administrative Review Tribunal for review of ASIC’s decision.
Australian Securities & Investments Commission 2025-07-02
Australian Securities & Investments Commission cancels Downunder Insurance Services and Ipraxis AFS licences for unpaid industry funding levies
The Australian Securities & Investments Commission (ASIC) cancelled the financial services licences of Downunder Insurance Services Ltd and Ipraxis Pty Ltd for not paying industry funding levies for over 12 months. The cancellations, effective 24 and 25 June 2025, were under section 915B(3)(e) of the Corporations Act 2001. Downunder Insurance dealt in general insurance products, while Ipraxis covered a broader range of financial products. Both firms can seek a review of ASIC's decision by the Administrative Review Tribunal.