In a statement, ASIC said it had cancelled Mortgage & General Financial Services’ licence because it had “failed to demonstrate it had the competence and resources to provide financial services and credit activities as required under its licences”.
ASIC said the group had failed to appoint a new key person, which was required under its licence, after the death of a staff member who previously held the role.
The company had also failed to lodge its reports for the 2017, 2018 and 2019 financial years.
“AFSL holders must lodge their financial statements and auditor’s reports annually to demonstrate that they have adequate financial resources to provide the services covered by their licence and to conduct their business lawfully,” ASIC said.
Mortgage & General also held a credit licence, which had been cancelled by the regulator.
It had held its AFSL since 2004.
The incidence of goverment agencies not complying with statutory obligations is widespread. Welcome to the real world. We, the public, have no recourse or ability to enforce their obligations.
So does ASIC get cancelled as its CEO stole money from the public, failed to assist with the investigation, and didn’t keep proper records, demonstrating a lack of competence in running the organisation. Further an independent report found that ASIC processes and reporting were not adequate, further demonstrating a lack of competence. Isn’t ASIC supposed to be held to a higher standard?
ASIC is do as I say not as I do.
All care and no responsibility.