Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

ASIC cancels AFS licence for Sydney company

AFSL/ASIC/insurance/cancellation/

17 January 2017
| By Oksana Patron |
image
image image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

3 days 21 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

4 weeks ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

6 days 15 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 1 day ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

1 week 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND