ASIC has cancelled the AFS licence of Downunder Insurance Services, effective 24 June 2025, and Ipraxis Pty, effective 25 June 2025.
The licences were cancelled after the firms failed to pay industry funding levies which were outstanding for more than 12 months.
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.
