ASIC has suspended the AFS licence of a Queensland-based financial services provider for a period of six weeks for failing to comply with financial services law.
Investors Exchange Limited is the responsible entity of the Investors Exchange Fund and Investors Exchange Investment Fund. Its licence was suspended because it failed to comply with financial services laws and maintain competence to provide the services covered by its licence.
IEL failed to lodge financial statements and auditor reports for the 2014 – 2019 financial years, failed to comply with the compliance plan for its Dean Capital Property Trust No. 1 in 2012, and issued defective product disclosure documents in 2018 and 2019.
“The suspension will allow IEL time to review its competence and take steps to ensure compliance with its obligations as an AFS licensee,” ASIC said.
“ASIC has used its power under s915H of the Corporations Act to allow IEL to provide financial services that are reasonably necessary for the day-to-day operation of the schemes while the suspension is in place. During the suspension, IEL cannot issue new interests in the schemes.”