Regulatory Alerts2025-11-04
ASIC cancels AFS licence of Ricard Securities
ASIC has cancelled the Australian financial services licence of Ricard Securities Pty Ltd effective 28 October 2025 due to its failure to pay industry levies and meet statutory audit obligations. The cancellation permits Ricard to continue providing services necessary for winding up or transferring unregistered managed investment schemes until 24 December 2025, subject to maintaining dispute resolution and insurance requirements. Ricard retains the right to apply to the Administrative Appeals Tribunal for a review of this decision.
ASIC has cancelled the Australian financial services (AFS) licence of Ricard Securities Pty Ltd (Ricard) effective from 28 October 2025.
This follows Ricard’s failure to pay its industry levies or an instalment of levy for the Compensation Scheme of Last Resort, and to meet statutory audit and financial reporting lodgement obligations for itself.
The terms of the cancellation allow Ricard to continue to provide financial services until 24 December 2025 that are reasonably necessary or incidental to the winding up, transfer or day to day operations of any unregistered managed investment scheme for which it was the trustee on 24 October 2025.
During this period, Ricard is required to meet obligations, if applicable, to have a dispute resolution system and be a member of the Australian Financial Complaints Authority scheme and hold professional indemnity insurance cover.
Ricard may apply to the Administrative Appeals Tribunal for a review of ASIC's decision.
Background
Ricard held AFS licence number 299 812 since 05 May 2006.
ASIC understands Ricard is the trustee or issuer of at least eight investment vehicles including unregistered managed investment schemes. These include the Property Investment Fund, Ethical Development Fund Australia Pty Ltd, Mortgage Income Fund and Equity Income Fund, Baron Monthly Income Limited, Ricard Securities Property Fund and Investment Fund No 1, JPFM Unit Trust-01 and Australian Commercial Mortgage Fund Pty Limited.