ASIC has cancelled the Australian financial services (AFS) licence of Assurance Cover Australia Pty Ltd (ACA), effective from 5 April 2023.

ACA operated an unregistered managed investment scheme, ‘Assurance Cover Australia’, which provided cover through a discretionary mutual fund for drivers in the peer-to-peer transport industry.

ASIC cancelled the AFS licence because ACA did not hold the required professional indemnity insurance cover since 26 April 2019.

The terms of the cancellation order allow ACA to provide financial services that are reasonably necessary for, or incidental to the winding up of the Scheme until 30 June 2023.

ACA may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.