CASL granted an Australian Financial Services licence by ASIC
23 November 2020:
CASL Governance Ltd has today been granted an Australian Financial Services (AFS) Licence by ASIC.
This AFS licence authorises CASL to provide financial product advice to wholesale and retail clients in relation to litigation funding schemes. In addition to providing financial product advice, this AFS licence authorises CASL to operate as a Responsible Entity, litigation funding schemes (class actions) as required under the Corporations Act 2001 (Cth).
Stuart Price, Chief Executive Officer of CASL said “This is a major milestone for CASL and reflects the quality of the team and the breadth and depth of our experience in litigation funding and financial services. This is only the second such licence to be granted by ASIC in Australia to a litigation funder, and we are proud again to lead from the front.
Mr Price said there has been strong enquiry to fund class actions since the introduction of the new legislation on 22 August 2020 and with the AFS licence, CASL is one of the few funders able and capable of meeting this demand.