ASIC has suspended the AFS licence of Focused Financial Advice Pty Ltd (FFA) after the firm operated for more than two years without the mandatory key person required under its licence conditions.
ASIC announced the suspension of AFS Licence No. 286219 until 19 December 2025, pending its assessment and approval of a key person variation.
The breach dates back to 2023, when ownership of FFA changed following the sale of the company’s shares. At the same time, the licence’s key person – who also served as responsible manager – ceased their role.
Under the conditions of the licence, FFA was required to notify ASIC and vary its licence within five days, but failed to do so.
ASIC said FFA continued providing financial services without a key person raising concerns about whether the business had maintained the required competence to provide advice.
The regulator also found the firm was unaware of the breach until ASIC made direct enquiries.
ASIC described key person conditions as an “important regulatory safeguard”, particularly for licensees that rely heavily on the expertise of one or two responsible managers.
