The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of ABL Funds Management Pty Ltd after the firm failed to meet key statutory reporting obligations over multiple years.
ASIC’s decision relates to ABL’s failure to lodge required statutory audit and financial reporting documents for the financial years ending 30 June 2023, 30 June 2024 and 30 June 2025. These lodgement obligations form part of the financial reporting and audit requirements imposed on AFS licensees under the Corporations Act 2001 (Cth).
ABL has held AFS licence number 457446 since 20 August 2014. The licence authorised ABL to provide general financial product advice, deal in financial products, and provide custodial and depository services to wholesale clients. The cancellation means ABL is no longer authorised to provide these financial services under this licence.
Under the Corporations Act 2001 (Cth), ASIC has the power to suspend or cancel an AFS licence where a licensee does not comply with its financial reporting and audit obligations. ASIC’s action against ABL is based specifically on the firm’s failure to meet its statutory audit and financial reporting lodgement requirements for three consecutive financial years.
ABL retains the right to challenge ASIC’s decision. The firm can apply to the Administrative Review Tribunal to seek a review of the cancellation of its AFS licence. Any such application would involve an independent reconsideration of ASIC’s decision.
The cancellation highlights the regulatory importance ASIC places on timely and accurate financial reporting and auditing by AFS licensees. Compliance with these obligations is a core condition of holding an AFS licence, particularly for entities providing financial product advice, dealing services and custodial and depository services to wholesale clients.
