ASIC cancels AFS licence of Starfish FS
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Starfish Financial Services due to a failure in meeting financial reporting obligations.
According to the regulator, Starfish failed to maintain the required organisational competence to provide the financial services covered by its AFS licence and failed to meet its financial reporting obligations.
The licence authorised Starfish to deal in interests in managed investment schemes to wholesale clients.
The firm is permitted to provide financial services that are reasonably necessary for, or incidental to the winding up of the fund it operates until 30 April 2023.
ASIC said that Starfish may apply to the Administrative Appeals Tribunal (ATT) for a review of its decision.
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