ASIC cancels licence of WA risk firm

In a statement, ASIC said it had cancelled the licence of Personal Risk Management as of 21 May.

The regulator said the firm had failed to lodge its financial accounts for the 2017, 2018 and 2019 financial years.

"AFS licensees are required by law to prepare and lodge a profit and loss statement, balance sheet and an auditor’s report annually," ASIC said.

"Licensees must do this to prove that they have the financial resources to provide the services covered by their licence and to conduct their business lawfully.

"Under the Corporations Act 2001, ASIC may suspend or cancel an AFS licence if the licensee fails to meet their obligations."

Personal Risk Management had been licensed to provide advice on life insurance, general insurance, super and deposit products since 2004.

ASIC said the firm could apply to the Administrative Appeals Tribunal for a review of its decision.