ASIC has cancelled the Australian Financial Services (AFS) licence of Parramatta-based company Rural & General Insurance Broking Pty Limited (RGIB) for failing to comply with their legal obligations and licence conditions.
In particular, ASIC has found that RGIB failed to lodge annual financial statements and auditor’s reports for the financial years ending 30 June 2014 and 30 June 2015.
RGIB’s AFS licence was initially suspended by ASIC for six months in October 2016 for its failure to meet its obligations to lodge these annual financial statements and auditor’s reports during the period of its licence suspension. Accordingly, ASIC has now cancelled its licence.
Peter Kell, ASIC
ASIC Deputy Chairman Peter Kell said:
The annual lodgement of audited accounts 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.
RGIB had held its AFS licence since March 2003 and provided general financial product advice. It was also authorised to deal in general insurance products. Clients of RGIB are encouraged to contact their insurance provider to confirm that their insurance is in place.
Back in 2016, ASIC permanently banned the former director of RGIB, Timothy Charles Pratten of New South Wales, from providing financial services and from engaging in credit activities .