ASIC has suspended the licence of Melbourne-based Allegianz for six months for failing to comply with its licensee obligations.
The corporate regulator said Allegianz failed to lodge financial statements, auditor reports and auditor opinions over consecutive years despite repeated requests to comply.
Allegianz also failed to advise the regulator in writing within 10 business days of becoming aware of the breach.
ASIC deputy chairman Peter Kell said licensees are required to lodge financial statements with the corporate regulator to demonstrate their capacity to provide financial services.
"Failure to comply with reporting obligations can be an indicator of a poor compliance culture," Mr Kell said.
"ASIC won't hesitate to act against licensees who do not meet these important requirements."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 21 Aug 2017Advisers key to ‘living the dream’: FPABy Staff Reporter
- 21 Aug 2017US IFA history repeats itself in AustraliaBy Killian Plastow
- 21 Aug 2017Licensees need greater scrutiny, PJC hearsBy Larissa Waterson
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- view all