The corporate watchdog has suspended the Australian financial services licence (AFSL) of Melbourne-based Paritech for 12 months after the company failed to comply with its obligations as a licensee.
ASIC found Paritech failed to lodge financial statements, auditor reports and auditor opinions over consecutive years, in breach of both its legal obligations and licence conditions, despite repeated demands from the corporate regulator to comply.
The firm also did not advise ASIC of the breaches.
Paritech provides wealth management and trading software systems to financial planning groups, stockbrokers and individually managed account operators.
According to the firm's website, its clients include IOOF Portfolio Online, JB Global Investment Services, Menzies Securities and Simple Super Solutions.
"The suspension of Paritech's licence is part of ASIC's ongoing efforts to improve standards across the financial services industry," the regulator said.
ASIC can revoke the suspension period in the event Paritech lodges the outstanding reports.
Paritech has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
