ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based company Grey Oak Services Pty Ltd (AFS 430752) for failing to lodge its financial statements and auditor’s reports for the 2013, 2014, 2015 and 2016 financial years.
The annual lodgement of financial statements and auditor’s reports is an important part of a licensee demonstrating it has adequate financial resources to provide the services covered by its licence and to conduct the business lawfully, act professionally and have effective internal supervision.
The cancellation of Grey Oak Services’ AFS licence is part of ASIC’s ongoing efforts to improve standards across the financial services industry.
Background
Grey Oak Services has held its AFS licence since January 2013, but has failed to lodge a financial statement or auditor’s report since.
ASIC is empowered to suspend or cancel a licence if the licensee has contravened its obligation to lodge its financial statements and auditor’s reports.