ASIC has cancelled the licences of eight financial advice firms and suspended two for failures to lodge audited annual statements.
Having conducted a regular audit of annual statement lodgements by financial planning AFSLs, ASIC found that 72 licensees currently operating had “failed to lodge their audited annual statements”, taking action against a number of them.
"The annual lodgement of audited accounts is an important part of a licensee demonstrating it has adequate financial resources to provide the services covered by its licence and to conduct the business in compliance with the Corporations Act 2001,” said a statement from ASIC.
“This includes carrying out supervisory arrangements of its representatives and ensuring there is a financial buffer that reduces the risk of a disorderly wind-up if the business ceases.”
Eight licensees have been cancelled by ASIC as a result of the investigation. They are:
A further two licensees - Cabot Square Financial Planning Pty Ltd (AFS licence 303510), and Southpoint Insurance Brokers Pty Ltd (AFS Licence 241736) – have been suspended.
In addition, 38 licensees have embarked upon “voluntary compliance” and 17 entities have been prompted to “voluntarily cancel” their licences as no longer operating in the industry.
More to come.
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