ASIC has cancelled the Australian financial services (AFS) licence of Financial Stewards Pty Ltd (Financial Stewards) for failing to co-operate with an ASIC surveillance.

ASIC issued two compulsory notices to Financial Stewards as part of a surveillance.  Financial Stewards failed to respond to the Notices or to ASIC's correspondence.

In addition, ASIC found that Financial Stewards failed to:

• take reasonable steps to ensure its representatives complied with financial services laws;
• comply with the conditions on its licence;
• lodge annual financial statements and auditor's reports;
• recognise and report significant breaches; and
• ensure its services were provided efficiently, honestly and fairly.

ASIC Acting Chairman Peter Kell said, 'The integrity of financial services system requires AFS licensees to respond to ASIC's lawful requests for information and assistance. ASIC's surveillance of AFS licensees is essential to maintaining consumer trust and confidence and ASIC will not hesitate to act against those who fail to comply with their obligations in relation to ASIC surveillances.'

The cancellation of Financial Stewards' AFS licence is part of ASIC's on-going efforts to improve standards across the financial services industry.