ASIC has cancelled the Australian financial services (AFS) licence of CMH Financial Group Pty Ltd (CMHFG).
The licence was cancelled because CMHFG failed to maintain external dispute resolution membership with the Australian Financial Complaints Authority (AFCA). Further, CMHFG failed to lodge its profit and loss statements and balance sheets for the financial years ended 30 June 2019, 30 June 2020 and 30 June 2021.
The cancellation took effect on 25 August 2022.
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.
CMHFG may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.