ASIC took the action after Protect Ensure failed to meet the conditions laid down by the regulator when a suspension was ordered in September, according to an ASIC statement.
Protect Ensure’s AFSL was previously suspended for three months to give the practice “an opportunity to have its accounts updated to reflect its true financial position and audited to ASIC’s satisfaction,” the statement said.
In addition, ASIC expected Protect Ensure to demonstrate it had adequate financial resources to meet its obligations as an AFS licensee.
“Protect Ensure failed to have its accounts audited and updated to ASIC’s satisfaction and ASIC considers that there is material uncertainty over its financial position,” the statement said.
ASIC deputy chairman Peter Kell said lienceees need to demonstrate they have adequate financial resources to carry on their business.
“ASIC will act to remove companies from the advice industry where they do not have adequate financial resources and fail to comply with reporting obligations,” he said.
The ASIC confirmed its investigation into the group’s conduct is continuing.
Your so Tough Mr Kell, yes pick on the little guys that’s all you have in you. I have not even read the entire article don’t need to. Why did you not suspend Comminsure for three months over its Financial Planners debacle? Oh what sorry you cant, it would make to many waves show how unbiased you really are (ARNT) Go and work for yourself Mr Kell I find out how hard it is to pay your stupid education and compliance ideas.
FED UP – I couldn’t agree more!
ASIC are wonderful small target specialists. Anything larger than a small practice sees them run for the hills. Ineffectual when it comes to anything of substance.
‘Maybe’ if Mr Kell and his left wing cronies at ASIC left AFSL’s alone for 5 mins so they could get out there to look after some clients, they might have been able to meet their financial requirements. Simplistic view I know but I’m JUST FED UP with these bandstanding media releases making out like ASIC is doing us all a favour when its more likely to be the opposite.