ASIC has cancelled the financial services licence of financial and business advisory firm Financial Stewards after it failed to comply with surveillance notices issued by the corporate regulator.
In a statement, the regulator said it issued two compulsory notices to Financial Stewards in the course of its surveillance and the firm failed to respond to the notices or subsequent correspondence from ASIC.
Commenting on the case, ASIC acting chairman Peter Kell said the integrity of the financial system relied on licensees responding to lawful requests for information from the regulator.
“ASIC’s surveillance of licensees is essential to maintaining consumer trust and confidence and ASIC will not hesitate to act against those who fail to comply with their obligations in relation to ASIC surveillances,” Kell said.
In the course of its surveillance, the regulator found Financial Stewards had not complied with the conditions of its licence and had failed to take reasonable steps to ensure its representatives complied with financial services laws.
Additionally, the firm failed to recognise and report significant breaches and to ensure its services were provided efficiently, honestly and fairly, ASIC said.
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