ASIC revokes AFS licence of Sug Ou Jeung
ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based financial services provider Sug Ou Jeung.
The Australian Securities and Investments Commission (ASIC) has canceled the Australian Financial Services (AFS) license of Sydney-based financial services provider Sug Ou Jeung, effective June 3, 2024.
ASIC decided to cancel the license after discovering that Sug Ou Jeung had never used it and had not provided any financial services within six months of the license being issued.
According to the Corporations Act, if a license holder does not provide the relevant financial services within six months of the license being issued, ASIC has the authority to issue a written notice to the license holder to cancel their AFS license.
Sug Ou Jeung had held AFS license number 488806 since June 8, 2017.
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