ASIC cancels Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA)

On 13 June 2025 ASIC cancelled the Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA).  ASIC cited concerns that FSGA had failed to:

• take reasonable steps to ensure that two of its representatives provided financial product advice that was appropriate to the client’s circumstances or in the client’s best interests, in relation to certain instances of advice
• have available adequate financial and human resources to provide the financial services covered by the licence and to carry out supervisory arrangements
• maintain the competence to provide the financial services covered by the licence
• lodge its financial statements and auditor’s reports on time
• lodge breach reports with ASIC, and
• comply with a condition on its licence that required FSGA to have total assets that exceeded total liabilities, in respect of financial years 2022 and 2023

ASIC also permanently banned FSGA’s Responsible Manager Graham Holmes.

FSGA had 81 authorised representatives including Rebellis Financial Services Pty Ltd (Rebellis).  Both Rebellis and the former sole director of FSGA Ferras Merhi have also been reported by ASIC as being involved in the provision of advice to investors of the Shield Master Fund and the First Guardian Master Fund.

Former clients of FSGA who have concerned with the advice provided by representatives of FSGA can still lodge complaints with the Australian Financial Complaints Authority (AFCA) until 4 June 2026.

If you have concerns with the advice you were provided by representatives of FSGA, we ask that you contact Financial Dispute Legal to discuss your circumstances and consider any rights to recover compensation on 1300 433 533 or enquiry@fdlegal.com.au

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