ASIC cancels AFS licence for Sydney company
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.
AUTHOR
Oksana Patron
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
