ASIC suspended AFS License of ISG Financial Services

On 01 July 2022, ASIC suspended the Australian financial services (AFS) license of ISG Financial Services Limited till 30 September 2022.

In its investigation, ASIC found that ISG Financial Services could not meet statutory audit and financial reporting lodgement obligations for itself and the Schemes. Further, ISG did not have the necessary professional indemnity insurance coverage in place between 14 July 2020 and 21 June 2021.

Because of this suspension, ISG would be able to issue any new interest in the Scheme. However, it can provide financial services that are essential for, or incidental to, the everyday operation of the Schemes.

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