Investment Advisers Alliance, which has held the licence since January 2013, failed to lodge financial statements and auditor’s reports for four consecutive years, ASIC said.
ASIC deputy chairman Peter Kell 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.
“ASIC will act on failures to lodge financial statements, resulting in the suspension or cancellation of the AFS licence.”
The regulator added that it will continue to contact AFSLs that have not lodged audited financial statements and take appropriate action if they fail to lodge these statements.
Read more:
NSW Treasury Corporation joins ACSI
Macquarie Equities compensation bill nears $25m
MDA provider fined by ASIC
Australia headed down UK path, says former Barclays exec
Citi names head of corporate banking
