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16-099MR AFS licensee suspended for failing to lodge financial statements
ASIC has suspended the Australian financial services (AFS) licence of Melbourne-based Allegianz Pty Ltd (Allegianz) for six months for failing to comply with a number of key obligations as a financial services licensee.
In particular, ASIC found that Allegianz:
- failed to lodge financial statements, auditor reports and auditor opinions over consecutive years. This is in breach of both its legal obligations and licence conditions, despite repeated requests from ASIC to comply; and
- failed to advise ASIC in writing, within 10 business days, of becoming aware of this significant breach.
ASIC Deputy Chair Peter Kell said, ‘Licencees are required to lodge financial statements 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. ASIC won't hesitate to act against licensees who do not meet these important requirements.'
For failing to comply with a number of basic financial services licensee obligations, ASIC has suspended Allegianz's licence until the 10 September 2016.
Allegianz has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Allegianz provides specialised government, commercial and financial advisory services and has held its Australian Financial Services Licence since July 2012.
The annual lodgement of audited accounts 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 in compliance with the Corporations Act 2001.
The suspension of Allegianz licence is part of ASIC’s ongoing efforts to improve standards across the financial services industry.