Perth AFSL cancelled for failure to lodge statements

The corporate regulator has cancelled the AFSL of Perth-based Winley Insurance Group for failing to lodge financial statements, auditor reports and auditor opinions.

According to an ASIC statement, Winley failed to lodge financial statements, auditor reports and auditor opinions over consecutive years, and then failed to advise ASIC in writing when it became aware of the breach.

ASIC deputy chairman Peter Kell said: "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.

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

ASIC said the cancellation of Winley's AFSL is part of ongoing efforts to improve standards across the financial services industry.

ASIC's investigation into Winley is continuing, the statement said.

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