Regulatory Alerts2025-11-28
ASIC suspends AFS licence of Focused Financial Advice following failure to replace key person
The Australian Securities and Investments Commission (ASIC) suspended the Australian financial services licence of Focused Financial Advice Pty Ltd until December 2025 after the licensee failed to notify the regulator or apply for a key person variation following a 2023 ownership change. Operating without a designated responsible manager for over two years breached organisational competence conditions, as the licensee remained unaware of the compliance failure until ASIC initiated enquiries. The enforcement action underscores ASIC’s strict oversight of licence conditions during corporate transitions and was subsequently lifted in December 2025 upon approval of the required variation.
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