ASIC has suspended the Australian financial services (AFS) licence of Airrails Pty Ltd (Airrails) for three months.

Airrails licence suspension means it cannot provide financial services during the suspension period of 21 June 2024 to 21 September 2024.

Following an administrative hearing, ASIC found that Airrails failed to lodge its annual financial statement, auditor’s report and audit opinion for the financial year ending 30 June 2023 within the prescribed timeframe and in compliance with its AFS licence conditions.

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 comply with financial services laws, including the requirement to lodge financial statements annually with ASIC.

Airrails has a right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.