The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of NSW Independent Insurance Brokers Pty Ltd after finding it has ceased to carry on a financial services business.

NSW Independent Insurance Brokers’ AFS licence cancellation became effective on 19 July 2018.

ASIC also found that NSW Independent Insurance Brokers failed to:

• lodge financial statements, auditor reports and auditor opinions for a      period of two years; and
• maintain membership with an external dispute resolution (EDR) scheme approved by ASIC.

ASIC considers the annual lodgement of audited accounts and a licensee’s requirement to be a member of an ASIC-approved EDR scheme as important requirements for licensees.

NSW Independent Insurance Brokers has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.