ASIC has announced the decision to cancel the Australian financial services (AFS) licence of Pure Strategy Pty Ltd. The move follows the company’s failure to comply with its general obligations.
The regulator discovered that Pure Strategy failed to have adequate resources to carry out a financial services business. The company failed to ensure its representatives complied with financial services laws. Pure Strategy also could not maintain competence to provide the financial services under its licence. Additionally, the company did not have a ‘key person’, which is a condition of its licence.