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 Court docket order to wind up the corporate resulting from insolvency.

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

NextGen Monetary Group, beforehand often called 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 tip of its operations in Australia’s monetary companies business, ASIC stated in a media launch.

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

NextGen Monetary Group retains the correct to problem ASIC’s choice by making use of for a assessment 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.Internet Pty Ltd

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