The Australian Securities and Exchange Commission (ASIC) has canceled Australian Financial Services (AFS) permission of LIEF PTY LTD for failing to participate in Australia’s financial complaints (AFCA).
AFS license holders are required by law to be a member of AFCA. AFCA’s participation gives consumers access to a free, fair and independent dispute resolution system if a complaint cannot be resolved internally by a license holder.
Asic also found that Lief failed to comply with the obligations of financial information.
Lief has the right to appeal to the Administrative Court to review the ASIC ruling.
LIEF has paid the AFS license number 373752 from March 21, 2011. It was authorized to continue a financial service business to tackle and provide affairs for financial products in relation to life and retirement products to retail and wholesale customers.