The corporate regulator has suspended the AFSL of a Sydney-based insurance firm, which comes after the firm's director was banned earlier this year.
In a statement today, ASIC announced it suspended the AFSL of Rural & General Insurance Broking Pty Limited (RGIB).
The firm provides general financial product advice and is advised to deal with general insurance products.
ASIC said RGIB had failed to lodge financial statements, auditor’s reports and auditor’s opinions for the financial years ending 30 June 2014 and 30 June 2015.
This is in breach of both the firm’s legal obligations under the Corporations Act and its licence conditions.
The licence is suspended until 5 April 2017. If the firm does not lodge the required documents by this date, ASIC will consider cancelling the AFSL, the statement said.
ASIC deputy chair Peter Kell said, “Licensees are required to lodge financial statements with ASIC to demonstrate their capacity to provide financial services.
“Failure to comply with reporting obligations can be an indicator of a poor compliance culture. ASIC won’t hesitate to act against licensees who do not meet these important requirements.”
RGIB has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
In August, ifa reported that ASIC had permanently banned the former director of RGIB, Timothy Charles Pratten, from providing financial services.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- 16 Nov 2018Retirees hit hardest by franking credit changes, says FSCBy Sarah Simpkins
- 16 Nov 2018Trust in advice more important than everBy Stephanie Aikins
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- view all