ASIC cancels AFSL of Parramatta firm

The corporate regulator has cancelled the AFSL of a Parramatta-based firm after it failed to comply with legal obligations and licence conditions.

In a statement yesterday, ASIC said that Rural and General Insurance Broking Pty Ltd (RGIB) failed to lodge annual financial statements and auditor's reports for the financial years ending 30 June 2014 and 30 June 2015.

RGIB's AFSL was initially suspended by ASIC for six months in October 2016 for its failure to meet its obligations to lodge these annual financial statements and auditor's reports during the period of its licence suspension, ASIC said.

Accordingly, ASIC has now cancelled its licence.


ASIC deputy chairman Peter Kell said, “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 lawfully.”

RGIB had held its AFSL since March 2003 and provided general financial product advice. It was also authorised to deal in general insurance products.

Clients of RGIB are encouraged to contact their insurance provider to confirm that their insurance is in place, ASIC said.

In 2016, ASIC permanently banned the former director of RGIB, Timothy Charles Pratten of NSW, from providing financial services after he was convicted on seven counts of dishonestly obtaining a financial advantage from the Commonwealth by deception.

ASIC cancels AFSL of Parramatta firm
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