ASIC suspends Sydney practice's licence
The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services licence of Sydney-based planning practice Cabot Square Financial Planning until 4 December 2013.
Cabot Square failed to lodge an annual profit and loss sheet with ASIC - together with an auditor's report - for each financial year from 2008 to 2011.
Furthermore, the company failed to advise ASIC in writing of the "significant breach" within 10 business days of becoming aware of it.
The regulator said in a statement it had reason to believe that the continued failure to lodge the documents meant that Cabot Square might not comply with its future obligations under financial services law.
ASIC Commissioner Greg Tanzer said the regulator would "continue to deal with those who fail to meet the required standards".
Cabot Square has the right to appeal to the Administrative Appeals Tribunal against ASIC's decision.
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