ASIC has cancelled the Australian financial services (AFS) licence of NSW-based financial services provider, Redstone Capital Pty Ltd (Redstone Capital). 

The AFS licence was cancelled after ASIC became aware that Redstone Capital had ceased to carry on a financial services business. ASIC may suspend or cancel an AFS licence if the licensee ceases to carry on a financial services business under section 915B of the Corporations Act 2001 (Cth). 

Redstone Capital has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.

Background

Redstone Capital held AFS licence number 320533 since 19 February 2008. It was authorised to carry on a financial services business, to provide general financial product advice and deal in specified categories of financial products to retail and wholesale clients.