The Australian Securities and Investments Commission (ASIC) revealed Friday that it has cancelled the Australian financial services (AFS) licence of RPD Group Advice Pty Ltd (RPD Group) following a compensation payment by the Compensation Scheme of Last Resort (CSLR).
RPD Group Advice’s Licence Cancelled By ASIC
The cancellation comes after the Australian Financial Complaints Authority (AFCA) issued a determination against RPD Group on 12 July 2024, which the company failed to honour.
ASIC explained that on 13 November 2024, the CSLR compensated the affected consumer with $62,421.00 and notified ASIC, prompting the cancellation of RPD Group’s licence on 21 November 2024.
Under Australian law, ASIC is obligated to cancel the licence of a financial firm once the CSLR makes a compensation payment and notifies the regulator.
The decision is automatic and cannot be appealed or reviewed.
The CSLR, established in June 2023 and operational since April 2024, provides up to $150,000 in compensation to consumers with unpaid AFCA determinations.
Eligibility requires that claimants use all reasonable steps to secure compensation directly from the financial firm before seeking CSLR intervention.
ASIC’s action against RPD Group follows similar licence cancellations earlier this year, including those of Libertas Financial Planning Pty Ltd and DOD Bookkeeping Pty Ltd.
These cases highlight ASIC’s ongoing commitment to enforcing compliance within the financial services sector.
