ASIC has suspended the Australian financial services (AFS) licence of Sterling & Freeman Advisory Pty Ltd (Sterling & Freeman) until 7 September 2022.

The licence authorised Sterling & Freeman to provide specified financial services to wholesale clients, including issuing interests in a wholesale managed investment scheme.

ASIC suspended the licence because Sterling & Freeman failed to lodge financial statements and audit opinions with ASIC for the 2019, 2020 and 2021 financial years.

ASIC may consider further action if Sterling & Freeman continues to not comply with its obligations at the end of the suspension period.

Sterling & Freeman may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

Sterling & Freeman has held AFS licence no. 479381 since 26 February 2016.