ASIC cancels AFS licence for Sydney company
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of Sydney-based company, Core Insurance, for failing to lodge financial statements and auditor reports for two years.
The action was part of ASIC's ongoing efforts to improve standards across the industry.
According to ASIC's deputy chair, Peter Kell, failure to comply with financial reporting obligations could be an indicator of a poor compliance culture.
"Licencees are required to lodge financial statements and auditor reports with ASIC to demonstrate their capacity to provide financial services," he said.
"ASIC won't hesitate to act against licensees who do not meet these important requirements."
Core Insurance provides general advice in relation to general insurance products and has held its AFSL since October 2012.
ASIC said it would continue to take appropriate action against AFSLs who had not lodged financial statements and an auditor's report as this was a breach of their legal obligations and licence conditions.
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