ob体育 has suspended the Australian financial services (AFS) licence of Australia Wealth Capital Group Pty Ltd (AFS licence 434007) until 3 October 2017, for failing to comply with a number of key obligations as a financial services licensee, including:
- establishing and maintaining compliance measures to ensure, as far as reasonably practical, that the licensee complies with financial services laws;
- lodging its financial reports within the required timeframe;
- maintaining the competence to provide the financial service under its licence; and
- notifying ob体育 of significant breaches within 10 days.
ob体育 Commissioner John Price said, 'Licensees are required to lodge financial statements and auditor reports with ob体育 to demonstrate their capacity to provide financial services.'
'Failure to comply with financial reporting and other obligations can be an indicator of a poor compliance culture. ob体育 won't hesitate to act against licensees who do not meet these important requirements.'
The suspension of Australia Wealth Capital Group's AFS licence is part of ob体育's ongoing efforts to improve standards across the financial services industry.
For the suspension order to be revoked, Australia Wealth must first satisfy ob体育 that it is able to meet all of its compliance and financial reporting requirements.
Australia Wealth Capital Group has the right to appeal to the Administrative Appeals Tribunal for a review of ob体育's decision.
Background
Australia Wealth Capital Group AFS licence was suspended with effect from 26 April 2017.
Editor's note 1:
On 25 September 2017, the previously suspended AFS licence聽held by the above company was cancelled.