ASIC cancels the KP International Group Australia Pty Ltd license

December 26, 2019 at 05:25 PM

ASIC has announced the cancellation of the Australian financial services (AFS) licence of Sydney-based financial services provider KP International Group Australia Pty Ltd, effective 22 November 2019.

Previously, the regulator has suspended the AFS licence until 23 September 2020.

After the suspension commenced, KP International Group Australia Pty Ltd advised ASIC that all relevant officers of the company had resigned and that the company had ceased to carry on a financial services business. Considering this fact, ASIC has cancelled the company’s AFS licence.   

It was noted that since the suspension of KP International Group Australia Pty Ltd’s AFS licence, the Australian Financial Complaints Authority (AFCA) has received multiple complaints from people located offshore regarding a company purporting to be  KP International Group Australia Pty Ltd.

On the information currently available to it, ASIC does not know if there is a link between the entity provoking the complaints to AFCA and the formerly licensed Australian entity. 

In its official statement, the Australian regulator advised consumers to exercise caution in relation to any company purporting to offer financial services under the name KP International Group Australia Pty Ltd.

You may check our list of the ASIC-Regulated Brokers.

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