ASIC cancels AFS licence of Investment Advisers Alliance Pty Limited


ASIC announced that has cancelled the Australian financial services (AFS) licence of Sydney based company Investment Advisers Alliance Pty Limited (AFS 237902) for failing to lodge its financial statements and auditor’s reports for four consecutive years.

Peter Kell, ASIC

ASIC Deputy Chairman Peter Kell said:

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.

ASIC will act on failures to lodge financial statements, resulting in the suspension or cancellation of the AFS licence’, Mr Kell added.

The cancellation of Investment Advisers Alliance Pty Limited’s AFS licence is part of ASIC’s ongoing efforts to improve standards across the financial services industry.

Investment Advisers Alliance Pty Limited had held its AFS licence since January 2013.

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.

The annual lodgment of financial statements and an auditor’s report is an important part of an AFS licensee demonstrating it has adequate financial resources to provide the services covered by its licence and to conduct its business in compliance with the Corporations Act 2001.

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ASIC cancels AFS licence of Investment Advisers Alliance Pty Limited

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