What happened
ASIC has suspended the Australian Financial Services (AFS) licence of Central Accord Pty Ltd (licence number 226405) for 6 months. The suspension is effective 30 July 2026 and runs until 4 February 2027.
Grounds for suspension
The suspension was triggered because Central Accord stopped carrying on a financial services business. Ceasing to carry on a financial services business is a ground for suspension under section 915B(3)(a) of the Corporations Act 2001.
ASIC's attention was drawn to Central Accord after the Australian Financial Complaints Authority (AFCA) expelled it as a member for failing to pay invoices that were more than 12 months overdue. Holding AFCA membership is a legal requirement for AFS licensees under section 912A(2)(c) of the Corporations Act 2001.
Options available to Central Accord
Central Accord can apply to have the suspension lifted before 4 February 2027 by making submissions to ASIC if it recommences its financial services business. Central Accord can also seek a review of ASIC's decision at the Administrative Review Tribunal.
Key actions
- AFCA membership: AFS licensees are required to hold current AFCA membership and pay invoices on time. AFCA will notify ASIC if a licensee is expelled for non-payment, which can trigger licence suspension.
- Licence status: Under section 915B(3)(a) of the Corporations Act 2001, ASIC can suspend an AFS licence where the licensee has stopped actively operating a financial services business.
- Central Accord specifically: Central Accord Pty Ltd can make submissions to ASIC requesting the suspension be revoked, or apply to the Administrative Review Tribunal to review ASIC's decision. Further contact details are available at asic.gov.au.
Source
This article is based on the ASIC media release published at asic.gov.au.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.