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Staff Reporter
The industry watchdog has suspended the Australian financial services (AFS) licence of Cabot Square Financial Planning Pty Ltd after it failed to comply with a number of financial services laws.
ASIC took the action after the company failed to “comply with the requirement to lodge with ASIC its annual profit and loss statement and balanced sheet, together with an auditors report for each financial year from 2008 to 2011”, according to a statement from ASIC.
In addition, Cabot Square failed to “advise ASIC in writing, within 10 business days, of becoming aware of this significant breach.”
The company’s licence has been suspended until 4 December 2013, but Cabot Square may apply to have to suspension revoked in the event it remedies the concerns identified.
The company has the right to appeal against ASIC’s decision to the Administrative Appeals Tribunal, however “ASIC has reason to believe that based on its continued failure to lodge these documents, Cabot Square may not comply in the future with its obligations under the financial services law,” the statement read.
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