Fund Regulatory Update

ASIC cancels AFS licences

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of CMH Financial Group Pty Ltd (CMHFG). The licence was cancelled because the company failed to maintain an external dispute resolution membership with the Australian Financial Complaints Authority (AFCA) and failed to lodge profit and loss statements and balance sheets for the past three financial years.

The AFS licence of James B Cogan has also been cancelled due to Cogan no longer carrying on a financial services business.