ASIC has suspended the Australian financial services (AFS) licence of ISG Financial Services Limited (ISG) (AFSL 290328) until 30 September 2022.
ISG is the responsible entity of two registered managed investment schemes, the ISG Real Estate Equity Fund (ARSN 618 548 780) and the ISG Private Access Fund (ARSN 618 548 333) (together, the Schemes).
ASIC found ISG failed to meet statutory audit and financial reporting lodgement obligations for itself and the Schemes and did not have the required professional indemnity insurance coverage in place between 14 July 2020 and 21 June 2021.
The suspension means ISG cannot issue any new interests in the Schemes. However, it may continue to provide financial services that are necessary for, or incidental to, the day-to-day operation of the Schemes.
ISG now has the required professional indemnity insurance. The suspension will be lifted earlier if ISG complies with its audit and financial reporting lodgement obligations. ASIC may consider further action if ISG has not complied with its obligations at the end of the suspension period.
ISG may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.