ASIC issued a warning to AFS licensees with a financial year ending 30 June 2016 who are required to lodge their profit and loss statements and the balance sheets by 31 October 2016.

ASIC advised that since November 2015, it has cancelled three AFS advice licences and suspended two more for failing to lodge their annual financial statements and auditor’s reports. Peter Kell, ASIC’s deputy chairperson stated that “[AFS licensees] 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 broader compliance concerns”.

ASIC will continue to focus on this obligation and will take further action where licensees do not comply.


See ASIC’s Media Release


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