ASIC has cancelled the Australian financial services (AFS) licence of Centurion Custodian Funds Management Ltd (Centurion), effective from 18 January 2023.

The license authorised Centurion to provide specified financial services, including financial product advice and dealing in interests in managed investment schemes for wholesale clients.

ASIC cancelled the licence because Centurion had not provided any financial services under the licence since it was issued.

On 20 January 2023, Centurion applied to the Administrative Appeals Tribunal (AAT) seeking a review and stay of ASIC’s decision. The AAT refused the stay application on 4 May 2023 and the hearing for a substantial review of ASIC’s decision has been set for 10 July 2023.