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ASIC cancels AFS licence of fund manager

 — 1 minute read

The Australian financial services (AFS) licence of a local fund manager has been cancelled.

On Friday, ASIC confirmed that the licence of Future Asset Management International (FAMI) was cancelled effective from 5 November as the company is in liquidation.

FAMI has held its AFS licence since 5 October 2012.

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Christopher Baskerville of specialist insolvency and business recovery practice Jirsch Sutherland, was appointed as the liquidator on 14 September.

Under the terms of the licence cancellation, Mr Baskerville can continue to conduct certain activities like transferring the schemes to a new entity and or winding up the schemes until 31 May 2022.

FAMI can apply to the Administrative Appeals Tribunal for a review of the decision.

 

ASIC cancels AFS licence of fund manager

The Australian financial services (AFS) licence of a local fund manager has been cancelled.

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Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. 

Neil is also the host of the ifa show podcast.

 

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