ASIC has announced that they have cancelled the Australian Financial Services (AFS) license of life and disability insurance adviser Edwards Benefits Advisors.

The company, founded in 1999, failed to lodge financial statements, auditors reports and auditor opinions over consecutive years and failed to advise ASIC in writing, within 10 business days, of becoming aware of the “significant” breach.

“The annual lodgement of audited accounts is an important part of a licensee demonstrating its capacity to provide financial services,” ASIC said in a statement.

“ASIC will continue to contact AFS licensees which have not lodged audited financial statements and take appropriate action if they fail to lodge these statements.”

Edwards Benefits was authorised to provide general financial product advice on superannuation and investment, as well as life and disability insurance for Australian retail clients.

Edwards Benefits has the right to appeal ASIC’s decision and the license will be cancelled on 29 June.

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