The Australian Securities and Investments Commission (ASIC) has revoked Lief Pty Ltd’s financial services (AFS) license due to the company’s failure to maintain membership of the Australian Financial Complaints Authority (AFCA). Membership is a statutory requirement for AFS licensees as it ensures consumers have access to a free, fair and independent dispute resolution scheme where complaints cannot be resolved internally by the licensee.
ASIC has also found that Lief Pty Ltd has failed to comply with its financial reporting obligations, which supports the decision. The license has been in force since March 2011 under license number 373752. The company was authorized to provide advice on financial products and to trade life insurance and superannuation products to both retail and wholesale clients.