The Australian Securities and Exchange Commission (ASIC) canceled the license of the Australian Financial Services (AFS) of Downunder Insurance Services Ltd from June 24, 2025 and Ipraxis Pty Ltd, which has been valid from 25 June 2025.

The AFS licenses were canceled after financial services failed to pay 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.

Downunder Insurance paid the AFS license number 281478 from February 22, 2005. It was authorized to continue a financial service business to address and provide financial products for general insurance products to retail customers.

IPRAXIS paid the AFS license number 329337 from October 21, 2008. It was authorized to practice a financial service business to address and provide financial products for deposit and payment products, life products, interests in managed investment programs, securities, and firms.

Downunder Insurance and Ipraxis have the right to attract the Administrative Court to review the ASIC ruling.