ASIC has cancelled the Australian financial services (AFS) licence of Lief Pty Ltd, effective 21 August 2025, for failing to hold Australian Financial Complaints Authority (AFCA) membership.
AFS licensees are required by law to be a member of AFCA. AFCA membership gives consumers access to a free, fair, and independent dispute resolution scheme if a complaint cannot be resolved internally by a licensee.
If an entity is expelled from the scheme or requests to withdraw membership, AFCA must notify ASIC.
ASIC found Lief also failed to comply with its financial reporting obligations.
Lief has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision.
Background
Lief held AFS licence number 373752 since 21 March 2011. It was authorised to carry on a financial services business to deal and provide financial product advice in relation to life and superannuation products to retail and wholesale clients.
Under section 915C of the Corporations Act, ASIC has the power to cancel an AFS licence if an AFS licence holder has not complied with its obligations under section 912A of the Corporations Act. This includes the obligation to:
- be a member of AFCA
- to comply with conditions on the licence, for example, the condition to require the AFS licence holder to lodge an opinion by a registered auditor on the AFS licence holder's compliance with the financial requirements, and
- to comply with the financial services laws, including section 989B of the Corporations Act to prepare and lodge an annual profit and loss statement and balance sheet.
