The regulator of Australian finance, the Australian Securities and Investments Commission (ASIC) has taken away the permission given to Centurion Custodian Funds Management Ltd to offer finance services.
The cancellation was announced on May 23, 2023 and became effective on January 18, 2023.
The licence allowed Centurion to give advice and trade with special clients on investments. But, because Centurion had not done anything with the licence, ASIC cancelled it.
On 20 January 2023, Centurion asked the Administrative Appeals Tribunal (AAT) to change and put on hold ASIC’s decision. The AAT said no to the put-on-hold request on 4 May 2023. And a hearing for a full review of ASIC’s decision has been set for 10 July 2023.
If a company has an Australian Financial Services Licence (AFSL) and does not use it to provide financial services within 6 months, the Australian Securities and Investments Commission (ASIC) can cancel the licence without a hearing.
