AFSLs cancelled for not joining complaints body
The corporate regulator has cancelled the licences of two NSW-based financial services providers for not obtaining membership of the new financial complaints body.
Sydney Business Accounting’s licence cancellation took effect on 14 February 2019, and A G Calleia & Co’s licence was cancelled on 15 February 2019, ASIC said in a statement.
Sydney Business Accounting and A G Calleia & Co had also failed to lodge their annual financial statements, ASIC said.
However, Sydney Business Accounting subsequently took steps to comply with financial reporting obligations when ASIC raised concerns.
All AFSLs, Australian credit licensees, superannuation trustees and other financial firms that provide services to retail clients were required to become members of the Australian Financial Complaints Authority by 21 September 2018.
“These cancellations are significant because this is the first time ASIC has cancelled licences for non-compliance with AFCA membership requirements,” said ASIC commissioner Danielle Press.
“AFCA is crucial to the protection of Australia’s financial consumers. Licensees need to be aware that failure to meet AFCA membership requirements is a serious breach of the law and ASIC will take action where licensees fail to meet this important obligation.”
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