A Sydney-based financial planning practice has had its licence suspended for one year for failing to comply with financial services laws.
The Australian Securities and Investments Commission (ASIC) suspended the Australian Financial Services Licence of Cabot Square Financial Planning, a representative of small national dealer group Cabot Square Financial Planning Pty Ltd, until 14 December 2013.
ASIC stated Cabot Square Sydney had failed to lodge its annual profit and loss statement and balance sheet, together with an auditor's report for each financial year from 2008 to 2011. The company had also failed to advise ASIC in writing, within 10 business days, of becoming aware of this significant breach, ASIC said.
ASIC also stated it had reason to believe - based on Cabot Square's continued failure to lodge these documents - that the firm may not comply in the future with its obligations under financial services laws.
Cabot Square may apply to have the suspension revoked in the event it remedies the concerns identified, and has the right to appeal against ASIC's decision to the Administrative Appeals Tribunal, ASIC stated.
According to its website, Cabot Square Financial Planning Pty Ltd had 21 authorised representatives in Queensland, New South Wales, Victoria and Western Australia.
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