ASIC has cancelled the Australian financial services (AFS) licence of Stephen Wan Tat Chan (Licensee).
The licence was cancelled because the Licensee failed to prepare and lodge the required financial statements and auditor opinions with ASIC. Furthermore, the Licensee failed to pay ASIC’s industry levies and maintain an external dispute resolution membership with the Australian Financial Complaints Authority (AFCA).
The cancellation took effect on 28 June 2023.
Under the Corporations Act, ASIC may suspend or cancel an AFS licence if a licensee fails to meet its general obligations under s912A. This includes the obligation to hold membership of a dispute resolution system and lodge financial statements annually with ASIC.
The Licensee may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.