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ASIC cancels Pure Strategy’s AFS licence



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.

ASIC, AFS licence

The cancellation of Pure Strategy’s licence will take effect in 12 months. During this period, the company will maintain its membership of the Australian Financial Complaints Authority and its obligation to hold professional indemnity insurance cover.

Pure Strategy’s AFS licence was initially obtained in 2011. An external administrator has been appointed to the company this September.

Last week, the Australian regulator announced a ban on the retail sale of unsolicited financial products. The new ban will take effect on 5 October 2021.

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ASIC cancels Pure Strategy’s AFS licence

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