Sydney firm stripped of AFSL

In a statement, ASIC announced it has cancelled the Australian financial services (AFS) licence of Sydney-based company Grey Oak Services Pty Ltd for failing to lodge its financial statements and auditor's reports for the 2013, 2014, 2015 and 2016 financial years.

The licence cancellation is part of ASIC's “ongoing efforts to improve standards across the financial services industry”, the statement 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, act professionally and have effective internal supervision,” the regulator said.