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Tuesday 23 May 2017

17-148MR Australian financial services licence suspended for failing to lodge financial statements

ASIC has suspended the Australian financial services (AFS) licence of NSW-based Divitiarum Audax Pty Limited ('Divitiarum Audax') from 8 May 2017 for failing to lodge financial statements and auditor's reports for a period of four years. This is in breach of both Divitiarum Audax's legal obligations and licence conditions.

ASIC Deputy Chair Peter Kell said, 'Licensees are required to lodge financial statements and auditor's reports 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.'

ASIC has suspended Divitiarum Audax's licence until 8 November 2017.  

If Divitiarum Audax does not lodge the required documents by this date, ASIC will consider whether the licence should be cancelled.

Background

Divitiarum Audax provides general financial product advice and has held its AFS licence since February 2004.

The annual lodgment 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.

ASIC will continue to contact AFS licensees who have not financial statements and auditor's reports and take appropriate action if they fail to lodge.

The suspension of Divitiarum Audax's licence is part of ASIC's ongoing efforts to improve standards across the financial services industry.

Last updated: 23/05/2017 11:15