The corporate regulator has suspended the AFSL of an insurance underwriting agency for breaching legal obligations and licence conditions.
ASIC suspended the licence of Sydney-based Group Underwriters & Managers (GUM) for three months – until 16 February 2017 – after it failed to lodge financial statements, auditor reports and auditor opinions for a period of three years.
The corporate regulator said it will consider cancelling GUM’s licence if it does not lodge the required documents by the end of the suspension period.
ASIC deputy chair Peter Kell said licensees are required to lodge financial statements and auditor reports with ASIC to demonstrate their capacity to provide financial services.
“Failure to comply with reporting obligations can be an indicator of a poor compliance culture,” Mr Kell said in a statement.
“ASIC won’t hesitate to act against licensees who do not meet these important requirements.”
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