AFS licence suspension of Sydney financial service provider ends following non-compliance with obligations
A Sydney-based financial services provider has been suspended for three months after failing to meet its compliance obligations.
On 10 November 2022, the Australian Securities and Investments Commission (ASIC) suspended the AFS licence of Gigi Investment Group Pty Ltd (Gigi Investment) for a period of three months.
ASIC surveillance found Gigi Investment failed to lodge its financial statements and audit report for the financial year ended 30 June 2021.
It also failed to pay its ASIC Industry Funding Levies and maintain membership of the AFCA scheme.
ASIC suspended Gigi Investment’s AFS licence for three months to give Gigi Investment the opportunity to take the necessary steps to demonstrate it could meet its obligations as an AFS licensee before recommencing its financial services business.
Prior to the conclusion of the suspension, Gigi Investment had lodged the outstanding financial statement and audit report, paid the ASIC Industry Funding Levies and obtained AFCA membership. The suspension ended on 13 February 2023. Gigi Investment Group Pty Ltd has held its AFS licence 225216 since 23 January 2004.
