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Screenshot of a breaking news alert e-mail from Q2 2017
ASIC has suspended the Australian financial services (AFS) licence of Parramatta-based Rural & General Insurance Broking Pty Limited (RGIB) for failing to lodge financial statements, auditor’s reports and auditor’s opinions for the financial years ending 30 June 2014 and 30 June 2015.
This is in breach of both its legal obligations under the Corporations Act and its licence conditions.
Deputy Chair Peter Kell said:
Licencees are required to lodge financial statements 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 RGIB’s licence until 5 April 2017. If they do not lodge the required documents by this date, ASIC will consider whether the licence should be cancelled.
RGIB has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.