ASIC has cancelled the Australian financial services (AFS) licence of NextGen Financial Group Pty Ltd (NextGen Financial Group) effective from 23 February 2024.
The AFS licence was cancelled after the Federal Court of Australia ordered that NextGen Financial Group be wound up in insolvency on 17 November 2023.
Under the Corporations Act, ASIC may suspend or cancel an AFS licence without a hearing if the licensee is under administration or is being wound up.
Under the terms of the licence cancellation, NextGen Financial Group can, until 16 April 2024, continue to provide a financial service to a client if that person was a client immediately prior to the cancellation of the Licence taking effect and if the financial service concerns the termination of an existing arrangement with the client.
NextGen Financial Group has a right to apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
