Australian regulator ASIC has announced earlier today that it has cancelled the Australian financial services (AFS) licence of Sydney-based financial services provider KP International Group Australia Pty Ltd, effective 22 November 2019.
This is not the first time ASIC suspends the company’s licence, it was previously suspended until 23 September 2020.
KP International Group Australia Pty Ltd has made sure to advise ASIC that all relevant officers of the company had resigned and that the firm had ceased to carry on a financial services business. Therefore, ASIC has cancelled the company’s AFS licence.
Since the suspension of KP International Group Australia Pty Ltd’s AFS licence, the Australian Financial Complaints Authority (AFCA) has notified ASIC that it has received multiple complaints from people located offshore regarding a company purporting to be KP International Group Australia Pty Ltd.
The regulator commented that i does not know if there is a link between the entity provoking the complaints to AFCA and the formerly licensed Australian entity. ASIC’s inquiries are continuing.
ASIC advises consumers to exercise caution in relation to any company purporting to offer financial services under the name KP International Group Australia Pty Ltd.