The Sydney-based financial services company Indie Advice Pty Ltd had its Australian financial services (AFS) license canceled by the Australian Securities and Investments Commission (ASIC) earlier this month, according to an announcement by the regulator.

Financial Services Provider Loses ASIC License

The cancellation took effect on 19 January 2024. ASIC said the action was taken after it was discovered that Indie Advice had stopped providing financial services for a period of time. Under Australian corporation law, ASIC has the authority to suspend or cancel an AFS license if the licensee no longer supplies financial services.

Indie Advice was first granted AFS license number 511786 in October 2018, allowing the company to furnish financial product advice to retail and wholesale patrons.

While canceled, the license will continue to be in effect until 30 June 2024. ASIC said this extension would allow Indie Advice to maintain its internal and external dispute resolution services during the transition period.

The announcement did not provide further details on why Indie Advice halted operations or its future plans. ASIC said that the cancellation only came after it "became aware that Indie Advice had not been providing financial services for some time."

Last ASIC Activity

A month ago, ASIC suspended Prospero Markets Pty Ltd's license due to the company's failure to submit appropriate financial reports. Prospero operates as an over-the-counter derivatives issuer offering FX/CFDs instruments. The suspension is in effect until 28 February 2024.

Previously, ASIC officially canceled the Remi Investment Services Pty Ltd license following the company's suspension of operations.

ASIC Extends Registration Deadline

Last week, the Australian market watchdog granted a two-week extension for AFS license holders to register their financial advisers who provide personal advice to retail clients. The deadline for registration has been postponed multiple times previously, with the new deadline now set for 16 February 2024.

"The provision of personal advice by unregistered advisers is prohibited and carries significant penalties," said the ASIC Commissioner, Alan Kirkland. "ASIC has provided a short extension in recognition of the fact that the initial period for registration has coincided with the summer holiday period."