media release (18-224MR)

ASIC cancels NSW Independent Insurance Brokers' AFS licence


The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of NSW Independent Insurance Brokers Pty Ltd after finding it has ceased to carry on a financial services business.

NSW Independent Insurance Brokers’ AFS licence cancellation became effective on 19 July 2018.

ASIC also found that NSW Independent Insurance Brokers failed to:

  • lodge financial statements, auditor reports and auditor opinions for a      period of two years; and
  • maintain membership with an external dispute resolution (EDR) scheme approved by ASIC.

ASIC considers the annual lodgement of audited accounts and a licensee’s requirement to be a member of an ASIC-approved EDR scheme as important requirements for licensees.

NSW Independent Insurance Brokers has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

Media enquiries: Contact ASIC Media Unit