Updated: 21 November 2024
This Current Matter provides updates for people with complaints in relation to Libertas Financial Planning Pty Ltd (In Liquidation) and Theta Asset Management Ltd (In Liquidation).
Update: ASIC cancels Libertas AFSL
ASIC has cancelled the Australian Financial Services (AFS) licence of Libertas Financial Planning Pty Ltd (In Liquidation). ASIC’s announcement is here.
Although Libertas’ AFS licence is cancelled, ASIC has specified that the licence still has effect for limited purposes including that Libertas is required to continue to be a member AFCA until it is deregistered. This means that if clients of Libertas have concerns about advice provided to them, they can lodge a complaint at AFCA until Libertas is deregistered.
We currently do not know when the deregistration will happen and we will update this page when more information becomes available. For now, clients of Libertas can continue to lodge complaints at AFCA.
Update: Libertas seeks to cease AFCA membership
The liquidators of Libertas Financial Planning (Libertas) have given notice to AFCA of their intention to cease membership of AFCA’s external dispute resolution scheme.
This means Libertas will continue to be a member of the AFCA Scheme for a limited time only. We will update this page as more detail becomes available.
AFCA can only accept complaints about firms that are current members of the AFCA scheme. Once an AFCA membership ceases, AFCA cannot accept any new complaints against that former member. However, AFCA can finalise complaints that were received before the membership ceased.
Libertas in liquidation
Libertas Financial Planning entered liquidation on 26 May 2023. This means an external party is now managing the company. For any enquiries about the liquidation, please contact:
Tim Mehmet
O'Brien Palmer
Level 9, 66 Clarence Street
SYDNEY NSW 2000
Contact number: 02 9232 3322
Facsimile: 02 9232 3388
Email: tmehmet@obp.com.au
Theta Asset Management Ltd in liquidation
Theta ceased to be a member of the AFCA external dispute resolution scheme on 9 March 2021. Therefore, AFCA can no longer register complaints against Theta. For any enquiries about the liquidation, please contact:
Cheryl Huynh
Worrells Solvency & Forensic Accountants
GPO Box 4956
SYDNEY NSW 2001
Contact number: 02 9249 1220
Facsimile: 02 9249 1211
Email: cheryl.huynh@worrells.net.au
Compensation Scheme of Last Resort (CSLR)
The Compensation Scheme of Last Resort began accepting applications from eligible consumers on 2 April 2024. The CSLR is designed to protect eligible consumers who have an AFCA determination in their favour but the financial firm cannot pay.
A separate and independent company manages the compensation scheme. You can read more about the CSLR on its website.
Lodging a complaint with AFCA
Consumers who have a complaint about a financial firm that is a current AFCA member can lodge a complaint against that firm with AFCA by going to afca.org.au or calling 1800 931 678.
Other help
The National Debt Helpline offers free, independent and confidential assistance for people in financial hardship. You can visit their website or call them on 1800 007 007.
If you are feeling distressed
