The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of a general financial product advice provider for failing to comply with its obligations.
Sydney-based Etern Wisdom Global Pty Ltd (Etern Wisdom) had its licence cancelled on 6 June after ASIC found it had failed to lodge financial statements, auditor reports, and auditor opinions over consecutive years. This was in breach of both its obligations and its licence conditions.
The firm also failed to advise ASIC of this breach in writing within 10 business days of becoming aware of it.
Deputy chair, Peter Kell, said failing to comply with reporting obligations may flag wider compliance concerns.
“We are disappointed that some licensees have not heeded the message that their failure to lodge audited financial statements, a key obligation of licensees, may result in the cancellation of their licence,” he said.
Etern Wisdom provided general product advice on derivatives and foreign exchange contracts to Australian retail clients.
