The Australian Securities and Investments Commission (ASIC) cancelled the Australian financial services (AFS) licence of Downunder Insurance Services Ltd effective from 24 June 2025 and Ipraxis Pty Ltd effective from 25 June 2025.
The AFS licences were cancelled after the financial services providers failed to pay industry funding levies which were outstanding for over 12 months.
Under s915B(3)(e) of the Corporations Act 2001 (Cth), ASIC may suspend or cancel an AFS licence held by a body if the body is liable to pay a levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 and has not paid that amount (consisting of the levy, any late payment penalty and any shortfall penalty) in full at least 12 months after the due date for payment.
Downunder Insurance held AFS Licence number 281478 since 22 February 2005. It was authorised to carry on a financial services business to deal in and provide financial product advice in relation to general insurance products to retail clients.
Ipraxis held AFS licence number 329337 since 21 October 2008. It was authorised to carry on a financial services business to deal in and provide financial product advice in relation to deposit and payment products, life products, interests in managed investment schemes, securities, retirement savings accounts and superannuation.
Downunder Insurance and Ipraxis have the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.