ASIC cancels AFS licence of Migration Cover Pty Ltd

The Australian Securities and Investment Commission (ASIC) cancelled the Australian financial services (AFS) licence of NSW based financial services provider Migration Cover Pty Ltd (Migration Cover), effective 4 December 2020.

The regulator discovered that Migration Cover failed to lodge its 2019 annual accounts, maintain membership with the Australian Financial Complaints Authority (AFCA) and that the licence-holder was no longer carrying on a financial services business.

Migration Cover held AFS licence 471072 since 8 May 2015. Under the Corporations Act 2001, ASIC may suspend or cancel an AFS licence if the licensee is no longer providing financial services or fails to meet its legal obligations, including its obligations to lodge financial statements and auditor’s reports annually and hold membership of a dispute resolution system.