ob体育 has cancelled the Australian financial services (AFS) licence of Financial Stewards Pty Ltd (Financial Stewards) for failing to co-operate with an ob体育 surveillance.
ob体育 issued two compulsory notices to Financial Stewards as part of a surveillance.聽 Financial Stewards failed to respond to the Notices or to ob体育's correspondence.
In addition, ob体育 found that Financial Stewards failed to:
- take reasonable steps to ensure its representatives complied with financial services laws;
- comply with the conditions on its licence;
- lodge annual financial statements and auditor's reports;
- recognise and report significant breaches; and
- ensure its services were provided efficiently, honestly and fairly.
ob体育 Acting Chairman Peter Kell said, 'The integrity of financial services system requires AFS licensees to respond to ob体育's lawful requests for information and assistance. ob体育's surveillance of AFS licensees is essential to maintaining consumer trust and confidence and ob体育 will not hesitate to act against those who fail to comply with their obligations in relation to ob体育 surveillances.'
The cancellation of Financial Stewards' AFS licence is part of ob体育's on-going efforts to improve standards across the financial services industry.