ASIC cancels AFS licence of NSW brokerage

ASIC cancels AFS licence of NSW brokerage | Insurance Business Australia

ASIC cancels AFS licence of NSW brokerage

An NSW insurance brokerage has lost its licence to operate a financial-service business after ASIC took action against it.

NSW Independent Insurance Brokers’ Australian Financial Services (AFS) licence has been cancelled by the corporate regulator after the firm was found to have ceased carrying on a financial-services business. The cancellation became effective on July 19.

ASIC said the firm also failed to meet two important requirements for licensees when it failed to lodge financial statements, auditor reports, and auditor opinions for two years, as well as not maintaining membership with an ASIC-approved external dispute resolution scheme.

NSW Independent Insurance Brokers has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.


Related stories:
ASIC permanently bans Melbourne man for dishonest insurance sales
Former broker pleads guilty over dishonest conduct