In a statement, the corporate watchdog said it expects all AFS licensees to comply with the financial reporting requirements within the specified time frame.
“Body corporate AFS licensees that are not disclosing entities, and have a financial year ending 30 June, are required to lodge their financial accounts by 31 October 2019. Limited AFS licensees that do not deal with client money must lodge an annual compliance certificate along with a profit and loss statement and a balance sheet each financial year, also by 31 October 2019,” the regulator said.
AFS licensees that fail to meet their obligations before the due date risk regulatory consequences.
ASIC commissioner Sean Hughes said timely lodgement of financial statements and auditor reports with ASIC demonstrates an AFS licensee’s capacity to comply with financial services laws.
“Yet, we have observed a high rate of non-compliance – a number of licensees seem to be waiting for reminders from ASIC to adhere to this ongoing legal requirement,” he said.
“ASIC considers this an indicator of a poor compliance culture. We expect AFS licensees to have adequate policies and procedures in place to ensure they are able to meet their financial reporting obligations. ASIC is continuing to pursue AFS licensees who don’t comply and where appropriate, we will consider taking action to suspend or cancel a licence.”
ASIC has previously contacted a number of AFS licensees that have not met their annual financial reporting requirements and taken action to ensure compliance with the law. Since October 2016, ASIC has suspended nine AFS licences and cancelled 22 AFS licences for failing to lodge their annual financial statements and auditor reports.
You have until the 31st of October to lodge financials, audited reports prepared as at 30th of June. Let’s remember that’s financial prepared by one set of Accountants and then audited by another set of accountants. Working with Accountants myself, and seeing them faced with the hordes of Australians walking into accounting firms on the 1st of July saying “where’s my tax return”…. I’m pretty sure that’s a deadline that will always be a struggle for even the most compliant of AFSL’s. Could ASIC not make that time frame more realistic and spend the time chasing CBA? I think this says more about the regulator and their priorities.
what would be funny is if Dover won their case against ASIC. wonder why it is taking so long.
now that would be funny.
With ASIC being viewed as a complete corrupt joke by many, including senior management in their fellow regulator APRA, every comment that they now make is simply laughable. Probably the reason many were late compying with their lodgement dates was because they were already jumping through all the other hoops ASIC have thrown at AFSL’s
Hang on the CEO of the NAB said “it’s not as though these issues raised by the Royal Commission are criminal penalties they are only mere civil breaches”…. so yeah I guess the benchmark of not following the corps law has been set with that statement and attitude.
[quote=Anonymous]What if Qantas super lodges late? Will ASIC cancel there asfl and risk Qantas taking away fwhat I understand it s free membership to the Qantas Lounge for ASIC Commissioners and senior staff?????[/quote] Never going to happen…
What if Qantas super lodges late? Will ASIC cancel there asfl and risk Qantas taking away fwhat I understand it s free membership to the Qantas Lounge for ASIC Commissioners and senior staff?????
How about FASEA’s non-compliance?
ASIC, it was a legal requirement to adequately supervise the conduct of AFSL holders during the period from the introduction of FOFA and the recent Royal Commission. How is that going for you?
Would be good if they would advise who. Im searching for a licensee and too often the info is released too late
[quote=here we go again]better shut all of us down then ASIC! [/quote][quote=here we go again]better shut all of us down then ASIC! [/quote]
They already are.
leave the banks and Industry Super…they haven’t caused any problems or have any issues
better shut all of us down then ASIC!