The Australian Securities and Investments Commission (ASIC) has announced that its agency has cancelled Brendan Kennedy’s Australian Financial Services (AFS) licence. Brendan Kennedy holds an AFS licence (licence number 489192) since 18 May 2017.
ASIC explained that the move was due to Brendan Kennedy’s failure to maintain an external dispute resolution membership of the Australian Financial Complaints Authority (AFCA) and to file a profit and loss statement for the years ended 30 June 2020 and 30 June 2021, Balance sheet, certificate of compliance. Under the Companies Act, ASIC can suspend or cancel a licensee’s AFS licence if it fails to meet relevant obligations, including holding AFCA membership and filing annual financial statements with ASIC.
The revocation of Brendan Kennedy’s AFS licence demonstrates ASIC’s efforts to raise standards across the financial services industry.