The Australian Securities and Investments Commission (ASIC) has revoked Arrumar Private Pty Ltd’s Australian Financial Services (AFS) license for failing to comply with certain license conditions and financial services laws.
ASIC found that Arrumar failed to comply with its obligations to:
- be a member of an external dispute resolution system and
- submit to ASIC a true and fair statement of profit and loss, balance sheet and auditor’s report for the financial year ended 30 June 2024.
Under s915C(1) of the Corporations Act, ASIC can cancel an AFS license for non-compliance with its obligations as a licensee.
The cancellation took effect on October 23, 2025.
Arrumar is authorized to engage in financial services activity to deal in and provide financial product advice in relation to deposit and payment products, bonds, shares or government-issued bonds, life products, interests in managed investment schemes, MDA services, securities, retirement savings accounts, margin lending and superannuation to retail and wholesale clients.
Arrumar has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.