The Australian Securities & Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of Spectre Financial Group Australia Pty Ltd, which had been suspended since May 2024, after finding the firm failed to maintain the organisational competence required to provide the licensed services. ASIC said the failures included not appointing sufficient responsible managers with the appropriate knowledge and skills to provide general financial product advice and to deal in derivatives and foreign exchange contracts. The regulator also cited concerns that, if the suspension were lifted and the firm resumed providing financial services, clients could face an increased risk of financial loss. Spectre may apply to the Administrative Review Tribunal to seek a review of ASIC’s decision.
Australian Securities & Investments Commission 2025-05-28
Australian Securities & Investments Commission cancels Spectre Financial Group’s AFS licence for organisational competence failures
The Australian Securities & Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of Spectre Financial Group Australia Pty Ltd due to insufficient organisational competence. The firm lacked responsible managers with the necessary knowledge and skills for financial product advice and dealing in derivatives and foreign exchange contracts. ASIC is concerned about potential client financial losses if services resume. Spectre may seek a review of this decision by the Administrative Review Tribunal.