The Australian Securities and Investments Commission (ASIC) has cancelled NextGen Financial Group Pty Ltd's Australian Financial Services (AFS) licence。Cancellation effective from February 23, 2024。

The Australian financial services licence was revoked after the Federal Court of Australia ordered the NextGen Financial Group to go into liquidation on 17 November 2023.。

Under the Companies Act, ASIC may suspend or cancel an AFS licence without a hearing if the licensee is being managed or is being wound up。

Under the terms of the license revocation, NextGen Financial Group may continue to provide financial services to customers until April 16, 2024, provided that the customer was its customer prior to the effective date of the license revocation and the financial services involve the termination of existing arrangements with the customer.。

NextGen Financial Group has the right to apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision。

NextGen Financial Group, formerly FinancialLink Group Pty Ltd and SJP Insurance Services Pty Ltd, holds an AFS licence with licence number 240938 since 1 February 2004。

Joseph Loebenstein was appointed liquidator of NextGen Financial Group on 17 November 2023。