The corporate regulator has cancelled the Australian Financial Services (AFS) licence of Lief Pty Ltd, citing the firm’s failure to maintain membership of the Australian Financial Complaints Authority (AFCA) and non‑compliance with financial reporting obligations. The cancellation took effect on 21 August 2025.
ASIC requires AFS licensees to belong to AFCA so consumers have access to an independent, no‑cost external dispute resolution scheme when complaints cannot be resolved internally. AFCA is obliged to notify ASIC if a member is expelled or withdraws, triggering potential regulatory action.
ASIC also found Lief failed to meet financial reporting requirements. The company has the right to seek a review of the decision by the Administrative Review Tribunal.
Lief held AFS licence number 373752 from 21 March 2011 and was authorised to deal in, and provide financial product advice on, life insurance and superannuation products to both retail and wholesale clients.
Under section 915C of the Corporations Act, ASIC may cancel an AFS licence if a licensee has not complied with obligations under section 912A. These obligations include being a member of AFCA, complying with licence conditions such as lodging an auditor’s opinion on compliance with financial requirements, and meeting financial services law obligations including section 989B to prepare and lodge an annual profit and loss statement and balance sheet.
