ASIC cancels AFSL of Sydney firm
ASIC has announced it cancelled the AFSL of a Sydney-based firm for failing to lodge its financial statements and auditor’s reports.
In a statement yesterday, the corporate regulator said it cancelled the AFSL of Investment Advisers Alliance Pty Ltd.
The firm, which held the licence since January 2013, failed to lodge financial statements and auditor’s reports for four consecutive years, ASIC said.
ASIC deputy chairman Peter Kell said, “The annual lodgement of financial statements and auditor's reports 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.
“ASIC will act on failures to lodge financial statements, resulting in the suspension or cancellation of the AFS licence.”
The regulator added that it will continue to contact AFSLs that have not lodged audited financial statements and take appropriate action if they fail to lodge these statements.
Former NAB adviser charged by court
An adviser formerly aligned with NAB has been charged with two offences of obtai...
Step-by-step guide to survey your customers
Please use the following step-by-step guide to share the ifa Client Experience S...
Advisers to ‘name and shame’ instos over commissions
Financial advisers across Australia are bankrolling a united effort to challenge...