ASIC Revokes AFS License of Sug Ou Jeung

According to an announcement published today, the Australian Securities and Investments Commission (ASIC) has canceled the Australian Financial Services (AFS) license of Sydney-based financial services provider Sug Ou Jeung. 

Sug Ou Jeung has held AFS license no. 488806 since 8 June 2017. The license cancellation took effect on 3 June 2024.

The license was canceled after ASIC became aware that Sug Ou Jeung had never used the license and had not provided financial services under the license within six months of the license having been granted.

Under the Corporations Act, ASIC may cancel an AFS license held by an individual, by giving written notice to the individual, if the individual does not provide a financial service covered by the license before the end of six months after the license is granted.