ASIC has cancelled the Australian financial services (AFS) licence of ABL Funds Management Pty Ltd (ABL) after the firm failed to comply with statutory audit and financial reporting lodgement requirements for three consecutive financial years.
The regulator stated that the AFS licence was cancelled because ABL did not meet its obligations to lodge audit and financial reports for the financial years ending 30 June 2023, 30 June 2024 and 30 June 2025. ASIC noted that compliance with financial reporting and audit obligations is a condition for holding an AFS licence under the Corporations Act 2001 (Cth).
The cancellation of ABL's licence is now recorded on ASIC's Professional Registers Search, making the regulatory action publicly accessible. ABL retains the right to apply to the Administrative Review Tribunal to seek a review of ASIC's decision.
Licence history and authorisations
ABL has held AFS licence number 457446 since 20 August 2014. Under this licence, ABL was authorised to provide general financial product advice, deal in financial products, and provide custodial and depository services. These services were authorised in relation to wholesale clients.
ASIC emphasised that it has the power to suspend or cancel an AFS licence if a licensee fails to meet its financial reporting and audit obligations under the Corporations Act 2001 (Cth). In this case, the repeated failure by ABL to lodge the required financial and audit reports over the 2023, 2024 and 2025 financial years led to the cancellation of its licence.
Regulatory context
The action against ABL highlights ASIC's enforcement of statutory reporting standards for AFS licensees. Financial reporting and audit lodgements provide ASIC and market participants with transparency on the financial position and compliance status of licensed entities.
By cancelling the AFS licence of ABL for non-compliance with these obligations, ASIC has used its statutory powers to address breaches of the Corporations Act 2001 (Cth). The outcome limits ABL's ability to continue providing the financial services previously authorised under its licence unless the decision is successfully reviewed and set aside by the Administrative Review Tribunal.
