ASIC cancels AFS licence of Pure Strategy

The Australian Securities and Investments Commission (ASIC) today announced the cancellation of the Australian financial services (AFS) licence of Pure Strategy Pty Ltd.

The cancellation is effective 16 September 2021. The regulatory decision stems from Pure Strategy’s failure to comply with its general obligations.

ASIC found that Pure Strategy failed to have adequate resources to carry out a financial services business, failed to maintain competence to provide the financial services under its licence, and failed to ensure its representatives complied with financial services laws. Pure Strategy also failed to comply with its licence condition to have a ‘key person’.

Under the terms of the cancellation, Pure Strategy’s licence will remain in effect for 12 months for the purposes of maintaining its membership of the Australian Financial Complaints Authority and its obligation to hold professional indemnity insurance cover.

Pure Strategy has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.

The company held an AFS licence since 2011 (licence number 403524). An external administrator was appointed to Pure Strategy Pty Ltd in September 2021.

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