ASIC has suspended the Australian financial services (AFS) licence of First City Corporate Advisory Services Pty Limited (First City) for failing to lodge its annual financial statements and audit reports.

The suspension, in place until 27 March 2024, provides First City with an opportunity to meet its outstanding compliance obligations.

If First City has not complied with its outstanding obligations by the end of the suspension period, ASIC will consider cancelling its AFS licence. The suspension took effect on 3 October 2023.

Background

First City has held AFS licence number 225858 since 15 April 2003. The licence authorises First City to provide financial product advice and deal in securities for wholesale clients.

Timely lodgement of financial statements and audit reports promotes confidence in our markets by demonstrating an AFS licensee’s capacity to meet its financial requirements.

Editor's Note 1:

On 26 March 2024, ASIC extended the period of suspension of First City’s AFS licence to 27 June 2024.

Editor's Note 2: 

On 21 May 2024, ASIC reinstated First City’s AFS licence following a suspension.