ob体育 has cancelled the Australian financial services (AFS) licence of Sydney based company Investment Advisers Alliance Pty Limited (AFS 237902) for failing to lodge its financial statements and auditor's reports for four consecutive years.
ob体育 Deputy Chairman Peter Kell said, 'The annual lodgement of financial statements and auditor's reports is an important part of a licensee demonstrating it has adequate financial resources to provide the services covered by its licence and to conduct the business lawfully'.
'ob体育 will act on failures to lodge financial statements, resulting in the suspension or cancellation of the AFS licence', Mr Kell said.
The cancellation of Investment Advisers Alliance Pty Limited's AFS licence is part of ob体育's ongoing efforts to improve standards across the financial services industry.
Background
Investment Advisers Alliance Pty Limited had held its AFS licence since January 2013.
ob体育 is empowered to suspend or cancel a licence if the licensee has contravened its obligation to lodge its financial statements and auditor's reports.
The annual lodgment of financial statements and an auditor's report is an important part of an AFS licensee demonstrating it has adequate financial resources to provide the services covered by its licence and to conduct its business in compliance with the Corporations Act 2001.
ob体育 will continue to contact AFS licensees which have not lodged audited financial statements and take appropriate action if they fail to lodge these statements.