Failure to lodge statements sees company's AFSL suspended

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ASIC has suspended a company's AFSL after it failed to lodge financial statements.

Traders4Traders Pty Ltd has had its licence suspended by ASIC after it failed to lodge financial statements, auditor reports and auditor opinions over consecutive years. ASIC said the company also failed to advise it in writing within 10 business days of becoming aware of the breach.

The company's licence is suspended until 21 April this year. ASIC said if the company did not lodge the required documents by this date, it would consider whether to cancel the company's licence.

"Licencees 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 a poor compliance culture. ASIC won't hesitate to act against licensees who do not meet these important requirements," ASIC deputy chair Peter Kell said.