The Australian Securities and Investments Commission (ASIC) has revoked the Australian financial services (AFS) license of Sydney-based financial services provider Sug Ou Jeung.
The cancellation of the license took effect on June 3, 2024.
The license was canceled after ASIC became aware that Sug Ou Jeung had never used the license and had not provided financial services under the license within six months of the license being granted.
Under the Companies Act, ASIC can cancel an AFS license held by a person by giving written notice to the person if the person does not provide a financial service covered by the license before the end of six months after the license was granted.
Sug Ou Jeung held AFS license no. 488806 from June 8, 2017.