ASIC suspends Allegianz AFSL

ASIC has suspended the licence of Melbourne-based Allegianz for six months for failing to comply with its licensee obligations.

The corporate regulator said Allegianz failed to lodge financial statements, auditor reports and auditor opinions over consecutive years despite repeated requests to comply.

Allegianz also failed to advise the regulator in writing within 10 business days of becoming aware of the breach.

ASIC deputy chairman Peter Kell said licensees are required to lodge financial statements with the corporate regulator to demonstrate their capacity to provide financial services.

"Failure to comply with reporting obligations can be an indicator of a poor compliance culture," Mr Kell said.

"ASIC won't hesitate to act against licensees who do not meet these important requirements."

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