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Screenshot of a breaking news alert e-mail from Q2 2017
The Australian Securities and Investments Commission (ASIC) announced that it has suspended the Australian financial services (AFS) license of Vesta Living Communities Ltd (Vesta) after concluding that it had not maintained adequate compliance measures to meet its license obligations.
ASIC found Vesta had not met the organisational competence and financial resource requirements of its license. Specific findings included that Vesta failed to replace the key person under the license following a resignation and to lodge financial reports on time.
Vesta’s AFS license has been suspended from 28 May 2018 until 25 November 2018, at which point ASIC will determine whether to cancel the license. This decision will be based on whether Vesta is able to demonstrate that it is able to meet all compliance and reporting obligations.
The suspension of Vesta’ AFS license is part of ASIC’s ongoing efforts to improve standards across the financial services industry.
Vesta has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.