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.
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.