The Australian Securities and Exchange Commission (ASIC) today announced the cancellation of Australian Financial Services (AFS) license by BDS Accounting Pty Ltd.
The cancellation is effective since July 28, 2025.
The AFS license was canceled after the financial service provider failed to pay the industry funding contributions, which were pending for over 12 months.
According to the S915B (3) (e) of the 2001 (CTH) companies Act, ASIC may suspend or cancel an AFS license holding a body if the Agency is responsible for the full payment of a contribution imposed by the burden of ASIC and has not paid fully 12 months after payment.
BDS Accounting PTY LTD owned the AFS license number 489230 from December 5, 2017. It was authorized to continue a financial service business to tackle and advice on financial products in relation to compensation restricted to self-employed pension funds.
BDS Accounting Pty Ltd has the right to attract the Administrative Court of Administrative Review to revise ASIC’s decision.