ASIC cancels AFSL for Melbourne firm
The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services licence (AFSL) for Melbourne-based firm, Allegianz, for failing to lodge financial statements and auditor reports.
ASIC made its decision after Allegianz's AFS licence was first suspended for six months in March as the company had not lodged its financial statements and auditor reports. Subsequently, it did not lodge the appropriate documents, as required under the Corporations Act during the suspension period, leading to a cancellation of its AFS on 7 September.
The corporate regulator also found that the company had failed to lodge financial statements, auditor reports, and auditor opinions over consecutive years despite the repeated requests from ASIC to comply.
According to ASIC, it was a serious breach of both its legal obligations and licence conditions and in this regard cancellation was a part of the regulator's ongoing efforts to improve reporting and lodging standards across the financial services industry.
Allegianz had held its AFS licence since July 2012 and during that time it provided specialised government, commercial and financial advisory services.
ASIC deputy chair, Peter Kell, said: "Licensees are required to lodge financial statements and auditor reports with ASIC to demonstrate their capacity to provide financial services".
"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."
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