ASIC has cancelled the Australian financial services (AFS) licence of Queensland based company Motorguard EWM Pty Ltd (AFS 428852) for failing to lodge its annual financial statements and auditor's report for three consecutive years.

ASIC Deputy Chairman Peter Kell said, '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 lawfully.'

'ASIC will act on failures to lodge financial statements, resulting in the suspension or cancellation of the AFS licence.'

The cancellation of Motorguard EWM Pty Ltd's AFS licence is part of ASIC's ongoing efforts to improve standards across the financial services industry.

Background

Motorguard EWM Pty Ltd has held its AFS licence since March 2013.

ASIC is empowered to suspend or cancel a licence if the licensee has contravened its obligation to lodge its financial statements and auditor's reports.