The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of NSW Independent Insurance Brokers Pty Ltd after finding it has ceased to carry on a financial services business.
NSW Independent Insurance Brokers’ AFS licence cancellation became effective on 19 July 2018.
ASIC also found that NSW Independent Insurance Brokers failed to:
- lodge financial statements, auditor reports and auditor opinions for a period of two years; and
- maintain membership with an external dispute resolution (EDR) scheme approved by ASIC.
ASIC considers the annual lodgement of audited accounts and a licensee’s requirement to be a member of an ASIC-approved EDR scheme as important requirements for licensees.
NSW Independent Insurance Brokers has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.