ASIC has suspended the Australian Financial Services (AFS) licence of Sydney-based Group Underwriters & Managers Pty Ltd (GUM) for three months for failing to lodge financial statements, auditor reports and auditor opinions for a period of three years. This is in breach of both GUM’s legal obligations and licence conditions.
Peter Kell, ASIC
ASIC Deputy Chair Peter Kell commented:
Licensees are required to lodge financial statements and auditor reports with ASIC to demonstrate their capacity to provide financial services. Failure to comply with reporting obligations can be an indicator of a poor compliance culture. ASIC won’t hesitate to act against licensees who do not meet these important requirements.
ASIC has suspended GUM’s licence until 16 February 2017.
If GUM does not lodge the required documents by this date, ASIC will consider whether the licence should be cancelled.