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ASIC cancels financial services licence for non-filing of statements

Author: 
Editorial Staff

ASIC has cancelled the Australian financial services (AFS) licence of Winley Insurance Group Pty Ltd (Winley), a Perth-based general insurance brokerage for failing to comply with a number of its key obligations as a financial services licensee, in particular failures to file regulatory reports as required.

ASIC found that Winley failed to lodge financial statements, auditor reports and auditor opinions over consecutive years, in breach of both its legal obligations and licence conditions, despite repeated demands from ASIC to comply and compounded its offence by failing to advise ASIC in writing when it became aware of the breach.

Winley served business and personal insurance clients.

This is not the end of the matter: ASIC is continuing its investigation into the conduct of Winley and its officers.

The licence was cancelled with effect from 30 May 2016