ASIC cancels two AFSLs

ASIC cancelled the AFSLs of Jels Financial Group and Selectinvest Pty Ltd. There is no relationship between the two businesses.

ASIC cancelled Victoria-based Jels’ AFSL after it failed to demonstrate that it had the competence or resources to provide financial services as required under the licence. Jels was required to have a ‘key person’ but after that key person died Jels failed to appoint another one. Its sole corporate authorised representative was also insolvent. Jels also failed to lodge its audited accounts for the 2017-19 financial years.

WA-based Selectinvest had its AFSL cancelled after it failed to maintain its external dispute resolution membership with AFCA and failed to lodge its annual financial and audit reports since 2017.

“ASIC expects AFS licensees to do all things necessary to meet their obligations under financial services laws, comply with their licence conditions, and ensure that the financial services covered by the licence are provided efficiency, honestly and fairly,” ASIC said.