ASIC has suspended the Australian financial services (AFS) licence of Lendfin Private Pty Ltd (Lendfin) until 1 March 2024.
The licence authorises Lendfin to deal in interests in managed investment schemes to wholesale clients and to provide general advice and deal in basic deposit products.
The licence was suspended because Lendfin failed to maintain the required organisational competence to provide the financial services covered by its AFS licence, and to meet its financial reporting obligations.
At the end of the suspension period, ASIC may take further action if Lendfin fails to rectify these breaches.
Lendfin may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.