The Australian Securities & Investment Commission (ASIC) announced cancelling the Australian financial services (AFS) licence of New South Wales-based financial services provider Tailormade Financial Strategies Pty Ltd that took effect on 9 April 2020.
ASIC cancelled Tailormade’s licence because the company was in liquidation. The financial adviser is required to maintain its membership of the Australian Financial Complaints Authority for a minimum of 12 months and hold adequate professional indemnity insurance cover.
ASIC also revoked Ausfunds Management Limited’s AFS licence suspension. The licence was suspended on 8 April 2020 for breach of requirements as Ausfunds failed to maintain sufficient financial resources. The company raised the required funds to rectify the deficiency. As a response, ASIC lifted the suspension on 21 April 2020.
