The Australian Securities and Investments Commission (ASIC) has cancelled eight Australian Financial Services (AFS) licences, after its review of licensees who failed to lodge audited annual statements.
ASIC reviewed the conduct of 72 AFS licensees operating in the financial advice industry that had failed to lodge their audited annual statements, the regulator revealed today.
In addition to the eight cancellations, ASIC has suspended two AFS licences for failure to lodge audited annual statements; achieved voluntary compliance by 38 licensees who have lodged all outstanding documents; and prompted 17 entities to voluntarily cancel their AFS licences as they are no longer operating a financial services business.
The regulator said a further seven licensees face possible suspension or cancellation for failing to lodge audited annual statements.
ASIC Deputy Chairman Peter Kell said, "In our experience, failure to comply with reporting obligations is often an indicator of a poor compliance culture. ASIC will take action against licensees that fail to lodge these statements."
ASIC said it would continue to contact AFS licensees who have not lodged audited financial statements and take appropriate action if they fail to lodge these statements.
The cancelled and suspended licensees are:
- Accountants Plus Pty Ltd (AFS licence 273964)
- Benchmark Holdings Pty Ltd (AFS licence 240875)
- Citywide Investment Services Pty Ltd (AFS licence 336698)
- Lateral Thinking Pty Ltd (AFS licence 287975)
- Mariner Insurance Pty Ltd (AFS licence 239036)
- TIS Logistics Pty Ltd (AFS Licence 286178)
- Graeme Bartlett & Associates Pty Ltd (AFS Licence 246223)
- Neville Krynauw & Associates Pty Ltd (AFS licence 239188)
- Cabot Square Financial Planning Pty Ltd (suspended) (AFS licence 303510)
- Southpoint Insurance Brokers Pty Ltd (suspended) (AFS Licence 241736).