ASIC cancelled the Australian financial services (AFS) licence of BDS Accounting Pty Ltd effective from 28 July 2025.
The AFS licence was cancelled after the financial services provider failed to pay industry funding levies which were outstanding for over 12 months.
Under s915B(3)(e) of the Corporations Act 2001 (Cth), ASIC may suspend or cancel an AFS licence held by a body if the body is liable to pay a levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid that amount (consisting of the levy, any late payment penalty and any shortfall penalty) in full at least 12 months after the due date for payment.
Background
BDS Accounting Pty Ltd held AFS Licence number 489230 since 5 December 2017. It was authorised to carry on a financial services business to deal in and provide financial product advice in relation to superannuation limited to self-managed superannuation funds.
BDS Accounting Pty Ltd have the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision.
