The Australian Securities and Investments Commission has cancelled the Australian financial services licence of DD&D Securities Ltd for failing to comply with its obligations as a financial services licensee.

DD&D Securities is the 'responsible entity' for Dwyers Managed Investments, a mortgage scheme that operated in the state of Victoria. ASIC says that it failed to:

• maintain membership with an external dispute resolution scheme approved by ASIC;
• lodge its financial reports in time;
• lodge compliance plan audits for the managed investment scheme it operates in time; and
• notify ASIC of significant breaches in time.

In neglecting these things, it failed to operated in accordance with the Corporations Act. It has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.