The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence of Vesta Living Communities Ltd (Vesta) after concluding that it had not maintained adequate compliance measures to meet its licence obligations.

ASIC found Vesta had not met the organisational competence and financial resource requirements of its licence. Specific findings included that Vesta failed to replace the key person under the licence following a resignation and to lodge financial reports on time.

Vesta’s AFS licence has been suspended from 28 May 2018 until 25 November 2018, at which point ASIC will determine whether to cancel the licence. This decision will be based on whether Vesta is able to demonstrate that it is able to meet all compliance and reporting obligations.

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

Vesta has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.