ASIC suspends Sydney firm’s AFSL
The Australian Securities and Investments Commission (ASIC) has once again suspended the Australian financial services licence (AFSL) of financial services firm, Divitarum Audax Pty Ltd, after the firm’s proposed deregistration in 2015.
Divitiarum Audax, which provided general financial product advice and held an AFSL for 13 years, was found to have breached its legal and licence obligations earlier this month.
ASIC suspended the Parramatta-based firm’s license on 8 May after it was found to have failed to lodge financial statements and audit reports for more than four years.
ASIC deputy chair, Peter Kell said: “Licensees are required to lodge financial statements and auditor's reports with ASIC to demonstrate their capacity to provide financial service”.
“Failure to comply with reporting obligations can be an indicator of a poor compliance culture. ASIC won't hesitate to act against licensees who do not meet these important requirements.”
ASIC had suspended Divitiarum Audax’s licence until November. If the firm does not lodge required documents by this date, ASIC will consider whether the licence should be cancelled.
AUTHOR
Hope William-Smith
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
