ASIC cancels AFS license of Sydney-based firm
Sydney-based Investment Advisers Alliance has had its license cancelled by the Australian Securities and Investments Commission (ASIC) for failing to lodge its financial statements and auditor’s reports for four years consecutively.
Investment Advisers Alliance has held an Australian Financial Services license (AFSL) since January 2013 and was found to have failed to lodge audit reports and financial statements since that time.
ASIC deputy chairman, Peter Kell said the failure of the firm to do so meant the firm was unable to demonstrate the adequacy of its financial resources.
“ASIC will act on failures to lodge financial statements, resulting in the suspension and cancellation of the AFS license,” he said.
“The annual lodgement of financial statements and auditor’s reports is an important part of a licensee demonstrating it has adequate financial resources…to conduct the business lawfully.”
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