ASIC has announced the cancellation of the Australian Financial Services (AFS) licence of a Sydney-based insurance firm.
Core Insurance, which trades as Ferme, specialises in farm and business insurance and has held its AFS licence since October 2012.
ASIC has moved to cancel the license due to failure to lodge financial statements and auditor reports for a period of two years.
The cancellation comes as the regulator continues to crack down on licence-holders who fail to meet their obligations.
, deputy chair of ASIC, said that licence-holders need to fulfil their obligations or face the consequences.
“Licencees are required to lodge financial statements and auditor reports with ASIC to demonstrate their capacity to provide financial services,” Kell said.
“Failure to comply with financial reporting obligations can be an indicator of a poor compliance culture. ASIC won't hesitate to act against licensees who do not meet these important requirements.”
Ferme has been contacted by Insurance Business
ASIC releases Wye River bushfire report
“Brokers not submitting financial reports” - expert