The Australian Securities and Investments Commission (ASIC) announced canceling the Australian financial services (AFS) licences of two companies – Jels Financial Group Pty Ltd and Selectinvest Pty Ltd.
ASIC cancelled Jels Financial’s AFS licence because the company failed to demonstrate that it had the competence or resources to provide financial services as required under its licence.
Under the terms of its AFS licence, the company was required to have a ‘key person’. After the death of its key person, the company failed to appoint a new person to that position Jels Financial’ sole corporate authorised representative was also insolvent.
