ASIC has announced the cancellation of the Australian Financial Services (AFS) licence of a Sydney-based insurance brokerage firm.
Core Insurance Pty Ltd, trading as Ferme, specialises in farm and business insurance and has held its AFS licence since October 2012. The corporate regulator moved to cancel the license due to failure to lodge financial statements and auditor reports for a period of two years.
The cancellation comes as the regulator continues to crack down on licence-holders who fail to meet their obligations.
Peter Kell, deputy chair of ASIC, said that licence-holders need to fulfil their obligations or face the consequences.
“Licencees are required to lodge financial statements and auditor reports with ASIC to demonstrate their capacity to provide financial services,” Kell said.
“Failure to comply with financial 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 warned in the press release announcing the cancellation that they will continue to contact AFS licensees who have not lodged financial statements and an auditor’s report and take appropriate action if they continue to fail to lodge.