The Australian Securities and Investments Commission (ASIC) has announced the cancellation of the Australian financial services licence (AFSL) of Ultiqa Lifestyle Promotions Limited. The decision comes after an investigation revealed that the company had failed to comply with its obligations under the Corporations Act.
Ultiqa Lifestyle Promotions Limited, a financial services provider based in Australia, offered services related to lifestyle promotions and investments. ASIC found that the company had engaged in misleading and deceptive conduct, failed to provide financial services efficiently, honestly, and fairly, and failed to comply with its licensing obligations.
ASIC’s investigation into Ultiqa Lifestyle Promotions Limited began in 2020, following multiple consumer complaints. The regulator found that the company had breached numerous provisions of the Corporations Act and failed to meet the standards expected of a financial services provider.
As a result of the cancellation of its AFSL, Ultiqa Lifestyle Promotions Limited is prohibited from providing financial services in Australia. The company is also required to inform its clients of the cancellation and provide them with details on how to access any compensation they may be entitled to.
ASIC has reminded consumers to be cautious when dealing with financial services providers and to always check that the company holds a valid AFSL. The regulator has also encouraged individuals who have concerns about the conduct of a financial services provider to make a report to ASIC.
Overall, the cancellation of Ultiqa Lifestyle Promotions Limited’s AFSL serves as a reminder of the importance of compliance with regulatory obligations in the financial services industry. ASIC’s actions aim to protect consumers and maintain the integrity of the financial services sector in Australia.
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