BREAKING NEWS: ASIC cancels Winley AFS licence

BREAKING NEWS: ASIC cancels Winley AFS licence

BREAKING NEWS: ASIC cancels Winley AFS licence ASIC has cancelled the Australian Financial Services (AFS) licence of Winley Insurance Group, it has been announced.

The cancellation has been handed down for failure to lodge financial statements, auditor reports and auditor opinions over consecutive years as the business failed to notify ASIC in writing when it became aware of this breach.

Peter Kell, deputy chairman of ASIC, warned other businesses of the importance of correct lodgement of all financial statements as the regulator looks to crack down on non-compliant companies.

“The annual lodgement of audited accounts is an important part of a licensee demonstrating it has adequate financial resources to provide the services covered by its licence and to conduct the business lawfully,” Kell said.

“Be clear, ASIC will act on failures to lodge financial statements, resulting in the suspension or cancellation of the AFS licence.”

Winley hit the headlines recently as the demise of the Perth-based business was met with shock throughout the industry.

ASIC’s investigation into the business continues.
 
5 Comments
  • Gary 30/05/2016 2:23:19 PM
    Bit slow aren't they?
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  • glenda 30/05/2016 2:25:58 PM
    "over consecutive years"!!! and mr bailey acting all surprised and angry that his partner took off with the trust so suddenly!!???? hmm... well pity winely took down so many good brokers with them. the ar's out there were left hanging - the captain took the life boat and disappeared!!! we all like to think this cannot happen - it has it does it will.. pity people are people sometimes
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  • Peter 30/05/2016 3:00:53 PM
    ASIC only seem to discover forms haven't been lodge after the business goes under. All Class Insurance Brokers hadn't submitted financial statements for three years before they went into liquidation. ASIC either don't track them, or don't have the resources to follow up. Either way, it's a concern.
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