ASIC cancel’s NextGen Monetary Group’s AFS licence

ASIC has formally revoked the Australian monetary companies (AFS) licence of NextGen Monetary Group, efficient Feb. 23, following a Federal Courtroom order to wind up the corporate as a consequence of insolvency.

The choice to cancel the licence comes after the Federal Courtroom of Australia’s directive on Nov. 17, instructing that NextGen Monetary Group be liquidated.

NextGen Monetary Group, beforehand referred to as FinancialLink Group and SJP Insurance coverage Companies, has been a holder of AFS licence quantity 240938 since Feb. 1, 2004. The cancellation of its licence marks the top of its operations in Australia’s monetary companies trade, ASIC mentioned in a media launch.

Regardless of the cancellation, there’s a transitional provision permitting NextGen Monetary Group to proceed offering monetary companies to present shoppers till April 16, strictly for the aim of terminating present preparations. This measure ensures that shoppers usually are not abruptly left with out service because of the licence cancellation.

NextGen Monetary Group retains the fitting to problem ASIC’s resolution by making use of for a evaluate on the Administrative Appeals Tribunal, providing a pathway for the corporate to contest the licence revocation ought to it select to take action.

The appointment of Joseph Loebenstein because the liquidator on Nov. 17 marked the start of the winding-up course of.

For extra information on ASIC’s regulatory actions, click on right here and right here.

* NextGen Monetary Group is unrelated to NextGen.Web Pty Ltd

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