Allegianz Pty Ltd (Allegianz) has had its Australian financial services (AFS) licence suspended by ASIC for a period of six months due to a failure to comply with a number of key obligations as a financial services licensee. Alliegianz is a Melbourne-based company who provides advisory services in the government and commercial sectors and has held its AFS licence since 2012.
ASIC found that Allegianz:
- Failed to lodge financial statements, auditor reports and auditor opinions over consecutive years. ASIC had sent numerous requests to comply; and
- Failed to advice ASIC in writing, within 10 business days, of becoming aware of this significant breach.
Lodging financial statements, auditor reports and auditor opinions are essential legal requirements under theCorporations Act 2001. AFS licences are also conditional on the lodgement of these reports. The annual lodgement of audited accounts is an important part of a licensee demonstrating it has adequate financial resources to provide the services covered by its licence.
The suspension of Allegianz’s licence shows ASIC’s firm approach to compliance with the AFS licencing conditions and is indicative of ASIC’s wider, ongoing efforts to improve standards across the financial services industry.
Further details can be found in the ASIC media release, published 31 March 2016.