ASIC has cancelled the Australian Financial Services (AFS) licence of JB Markets Pty Ltd (JB Markets) effective from 12 April 2024, for failing to:
comply with the financial requirements of its AFS licence; and
have adequate resources to provide the financial services covered by the licence and to carry out supervisory arrangements.
Under the Corporations Act, ASIC may suspend or cancel an AFS licence if a licensee fails to meet its general obligations under section 912A including financial requirements and adequate resourcing.
ASIC considers that cancelling JB Markets AFS licence will protect the interests of potential consumers, promote confidence in the financial services industry, and encourage professionalism by those who provide financial services.
The cancellation follows the suspension of JB Markets’ AFS licence on 8 November 2023 until 30 April 2024 (23-304MR).
JB Markets may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
