ASIC cancels AFS licences of Ipraxis and Downunder Insurance Services

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licences of two financial services provider companies due to unpaid industry funding levies; They are Downunder Insurance Services Ltd and Ipraxis Pty Ltd.

The licence of Downunder Insurance Services Ltd was cancelled effective 24 June 2025, while the licence of Ipraxis Pty Ltd was cancelled on 25 June 2025. According to ASIC, both firms had failed to pay their industry funding levies for over 12 months, prompting regulatory action.

Under section 915B(3)(e) of the Corporations Act 2001 (Cth), ASIC has the authority to suspend or cancel an AFS licence if the licensee has not paid levies imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 — including any associated late payment or shortfall penalties — for at least 12 months past the due date.

Company Backgrounds and Licence Details

Downunder Insurance Services Ltd had held an AFS licence number 281478 since 22 February 2005. The company was authorised to provide general insurance product advice and services to retail clients.

Ipraxis Pty Ltd has held an AFS licence number 329337 since 21 October 2008. The firm was authorised to deal in and offer financial advice on a range of products, including deposit and payment products, life insurance, managed investment schemes, securities, retirement savings accounts, and superannuation.

Both Downunder Insurance and Ipraxis retain the right to appeal ASICs decision. They may seek a review through the Administrative Appeals Tribunal (AAT).

This development highlights ASIC‘s continued enforcement of compliance with levy obligations under the industry funding model, reinforcing its stance on regulatory accountability within Australia’s financial services sector.