The Australian Securities & Investments Commission (ASIC) has cancelled the AFS (Australian financial services) licences of three firms. Here Insurance Business gives you the lowdown as to why they got the boot.

FS Securities (Qld) Pty Ltd
Financial services provider FS Securities failed to meet the base level financial requirements of AFS licence holders for the 2017 and 2018 financial years. The Queensland-based firm – which held its licence from December 2011 and has the right to seek a review of the cancellation – also did not lodge annual financial reports and auditor reports for the financial years ending 2018 and 2019.

Your Super Life Pty Ltd
Also based in Queensland, Your Super Life suffered the same fate when it was found that the company failed to lodge its annual financial reports and auditor reports for the financial years ending 2017, 2018, and 2019. ASIC explained that licensees are required to file these documents to prove that they have the financial resources to operate accordingly. Your Super Life, which became licenced in May 2015, can turn to the Administrative Appeals Tribunal for a review of the decision to cancel. 

ACN 140 520 225 Pty Ltd
Formerly known as MyPlanner Australia Pty Ltd, ACN 140 520 225 was placed into external administration last November. The Gold Coast business held its AFS licence from June 2010. As part of the cancellation, it is required to maintain its membership of Australian Financial Complaints Authority for a minimum of 12 months.