The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of NSW-based Mackellar Financial Services Pty Ltd ('Mackellar').

Mackellar's AFS licence has been cancelled, following a suspension in October 2017 (17-375MR), for continued failure to lodge financial statements and auditor's reports for a period of four years.

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.

Background

Mackellar has held its AFS licence since July 2012.

The annual lodgment of audited accounts is an important part of an AFS 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 lodged financial statements and auditor's reports and take appropriate action for failure to lodge these reports.