ASIC cancels AFS licence for failing to lodge financial statements

More to come from ASIC today. The Australian regulator has cancelled the Australian financial services (AFS) licence of Sydney-based Edwards Benefits Advisors Pty Ltd (Edwards Benefits) for failing to comply with a number of key obligations as a financial services licensee.

In particular, ASIC found that Edwards Benefits:

• failed to lodge financial statements, auditors reports and auditor opinions over consecutive years; and
• failed to advise ASIC in writing, within 10 business days, of becoming aware of this significant breach.

ASIC cancelled Edwards Benefits’ AFS licence on June 29, 2016.

Edwards Benefits has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Edwards Benefits had been operating since 1999 and was authorised to provide general financial product advice in relation to superannuation, investment, and life and disability insurance to Australian retail clients.

ASIC commented it will continue to contact AFS licensees which have not lodged audited financial statements and take appropriate action if they fail to lodge these statements.

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