The corporate regulator has cancelled the AFSL of one fund manager and suspended the licence of another for failing to lodge audited annual statements.
In a statement, ASIC said it has cancelled the licences of Green Stride Investment Management and suspended the AFSL of Navigate Funds Management.
The regulator said the action taken is part of its recent review of the conduct of 14 AFSLs operating in the financial advice industry that have failed to lodge audited annual statements.
ASIC deputy chairman Peter Kell said a licensee’s failure to comply with reporting obligations can indicate a “poor compliance culture”.
“After our last review, ASIC warned licensees that their failure to lodge audited annual statements may result in the cancellation or suspension of their AFS licences and we are disappointed that some licensees do not seem to be heeding this message,” Mr Kell said.
“Be clear, ASIC will continue to contact AFS licensees who have not lodged audited financial statements and take action where they fail to lodge these statements,” he said.
ASIC said it has also cancelled the AFSLs of Ken Hart Insurance Brokers, McDouall Stuart Corporate Finance and Marshall Lawrence Pty Ltd.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- 15 Nov 2018ASIC flexes its muscles at independent advisersBy James Mitchell
- 15 Nov 2018FPA hands down $50,000 fine on Sam HendersonBy Adrian Flores
- 15 Nov 2018Adviser reviews critical to client retentionBy Adrian Flores
- 14 Nov 2018ASIC bans financial services representativeBy Eliot Hastie
- 14 Nov 2018Fintech should make advice ‘enjoyable’By Adrian Flores
- view all