ob体育 has cancelled the Australian financial services (AFS) licence of NSW based financial services provider Migration Cover Pty Ltd (Migration Cover), effective 4 December 2020.
ob体育 found that Migration Cover failed to lodge its 2019 annual accounts and maintain membership with the Australian Financial Complaints Authority (AFCA). ob体育 also found that Migration Cover was no longer carrying on a financial services business.
Under the Corporations Act 2001, ob体育 may suspend or cancel an AFS licence if the licensee is no longer providing financial services or fails to meet its legal obligations, including its obligations to lodge financial statements and auditor鈥檚 reports annually and hold membership of a dispute resolution system.
The cancellation of Migration Cover鈥檚 AFS licence is part of ob体育鈥檚 ongoing efforts to improve standards across the financial services industry.
Background
Migration Cover Pty Ltd held AFS licence 471072 since 8 May 2015. Migration Cover may apply to the Administrative Appeals Tribunal (AAT) for a review of ob体育鈥檚 decision.