ASIC cancels a suspended AFS licence after failure to lodge financial statements and auditor reports

ASIC has cancelled the Australian Financial Services (AFS) licence of Melbourne-based company Allegianz Pty Ltd for failing to lodge financial statements and auditor reports.

Allegianz’s AFS licence was suspended by ASIC for six months in March 2016 for failing to meet its obligations to lodge financial statements and auditor reports. The financial statements and auditor report were not lodged during the suspension period, and ASIC cancelled Allegianz’s AFS licence on 7 September 2016.

The annual lodgment of financial statements and auditor 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 in compliance with the Corporations Act 2001.

In cancelling its AFS licence, ASIC found that Allegianz had failed to lodge financial statements, auditor reports and auditor opinions over consecutive years. This was in breach of both its legal obligations and licence conditions, and came despite repeated requests from ASIC to comply.

Allegianz had held its AFS licence since July 2012 and provided specialised government, commercial and financial advisory services.

Allegianz’s failure to comply with its basic obligations during its suspension period resulted in the cancellation of its licence, and comes as part of ASIC’s ongoing efforts to improve reporting and lodging standards across the financial services industry.

ASIC Deputy Chairman Peter Kell
ASIC Deputy Chairman Peter Kell

ASIC Deputy Chair Peter Kell said:

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.’

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ASIC cancels a suspended AFS licence after failure to lodge financial statements and auditor reports


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