ASIC cancels AFC license of firm in Western Australia

ASIC cancels AFC license of firm in Western Australia | Insurance Business

ASIC cancels AFC license of firm in Western Australia

The Australian Securities & Investments Commission (ASIC) has cancelled the license of a financial services provider in Western Australia.

ASIC announced that the Australian financial services (AFC) license of Personal Risk Management Pty was cancelled, effective May 21, for failing to lodge its audited financial accounts for the financial years ending 2017, 2018, and 2019.

Read more: Australian insurance industry responds to ASIC's letter

AFS licensees are required by law to prepare and lodge a profit and loss statement, balance sheet, and an auditor’s report annually. Licensees must do this to prove that they have the financial resources to provide the services covered by their licence and to conduct their business lawfully.

The Corporations Act of 2001 gives ASIC the power to suspend or cancel an AFS licence if the licensee fails to meet their obligations.

Personal Risk Management held AFS licence number 247844 since March 11, 2004, and may still apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.