The corporate regulator has said it will pursue AFSLs that have not lodged their annual financial statements and auditor's reports within the specified timeframe.
In a statement, ASIC warned that AFSLs could lose their licenses if they fail to lodge annual financial statements and auditor's reports on time.
"Licensees with a financial year ending 30 June are required to lodge the profit and loss statement and the balance sheet by 31 October of the relevant year," said ASIC.
The regulator said that since November 2015 it has cancelled three AFSLs and suspended a further two for failing to lodge the documents on time.
ASIC deputy chair Peter Kell said AFSL holders are required to lodge financial statements to demonstrate their capacity to provide financial services.
"Failure to comply with reporting obligations can be an indicator of broader compliance concerns," Mr Kell said.
"We are disappointed that some licensees have not heeded the message that their failure to lodge audited financial statements may result in the cancellation of their AFS licence.
"We continue to focus on this obligation and will take further action where licensees do not comply."
ASIC has revealed it was forced to take action on more than a dozen incidents of...
The government has flagged it may look at extending regulatory provisions for sc...
New data from Roy Morgan has shown despite overall superannuation fund satisfact...