ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based financial services provider Sug Ou Jeung.
The licence cancellation took effect on 3 June 2024.
The licence was cancelled after ASIC became aware that Sug Ou Jeung had never used the licence and had not provided financial services under the licence within six months of the licence having been granted.
Under the Corporations Act, ASIC may cancel an AFS licence held by an individual, by giving written notice to the individual, if the individual does not provide a financial service covered by the licence before the end of six months after the licence is granted.