Sydney business has its AFS licence suspended

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ASIC has suspended the AFS licence of Sydney financial planning business Cabot Square Financial Planning until 4 December 2013.

The company’s licence was suspended after it failed to lodge its annual profit and loss statement and balance sheet with ASIC, as well as an auditor’s report for each financial year from 2008-2011.

Cabot Square also failed to advise ASIC in writing, within 10 business days of becoming aware of the breach.

ASIC also had reason to believe that due to its continued failure to lodge the documents, the company would not meet its obligations in the future.

Cabot Square has the option to have the suspension revoked if they remedy the breach, but Director Kim Bradshaw said they will not be appealing the decision, or trying to remedy it.

After five years providing financial advice the company will close and change to a different licence holder, said Bradshaw, who was already considering the move.

ASIC Commissioner Greg Tanzer said, “The compliance of AFS licensees with their obligations is central to the informed and confident participation of consumers in the financial services markets.”

“ASIC will continue to deal with those who fail to meet the required standards.”