ASIC has cancelled the Australian financial services (AFS) licence of Arrumar Private Pty Ltd (Arrumar) for failing to comply with certain licence conditions and financial services laws.
ASIC found Arrumar did not comply with its obligations to:
- be a member of an external dispute resolution scheme, and
- lodge with ASIC a true and fair profit and loss statement, balance sheet and auditor's report for the financial year ending 30 June 2024.
Under s915C(1) of the Corporations Act, ASIC may cancel an AFS licence for failing to comply with its obligations as a licensee.
The cancellation takes effect from 23 October 2025.
Background
ASIC granted AFS licence number 510700 to Arrumar on 24 January 2019.
It was authorised to carry on a financial services business to deal in and provide financial product advice in relation to deposit and payment products, debentures, stocks or bonds issued by government, life products, interests in managed investment schemes, MDA services, securities, retirement savings accounts, margin lending and superannuation to retail and wholesale clients.
Arrumar has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision.
