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16-237MR ASIC cancels AFS licence for failing to lodge financial statements
ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based Edwards Benefits Advisors Pty Ltd (Edwards Benefits) for failing to comply with a number of key obligations as a financial services licensee.
In particular, ASIC found that Edwards Benefits:
- failed to lodge financial statements, auditors reports and auditor opinions over consecutive years; and
- failed to advise ASIC in writing, within 10 business days, of becoming aware of this significant breach.
ASIC cancelled Edwards Benefits' AFS licence on 29 June 2016.
Edwards Benefits has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Edwards Benefits had been operating since 1999 and was authorised to provide general financial product advice in relation to superannuation, investment, and life and disability insurance to Australian retail clients.
The annual lodgement of audited accounts is an important part of a licensee demonstrating its capacity to provide financial services.
ASIC will continue to contact AFS licensees which have not lodged audited financial statements and take appropriate action if they fail to lodge these statements.