Powered by MOMENTUM MEDIA
subscribe to our newsletter

ASIC cancels AFSL of SME insurer

The corporate watchdog has cancelled the AFS licence of a West Australian insurance broker and its related entities.

Following concerns about breaches of a number of reporting, financial and other financial services licensee obligations, ASIC has cancelled the Australian financial services licences (AFSL) of the following related companies: ACI Broking (WA) Pty Ltd (ACI Broking WA), ACI Broking (Vic) Pty Ltd, Assent Insurance Services Pty Ltd, Aurora Underwriting Agency Pty Ltd.

Perth-based ACI Broking WA's main business was providing insurance for commercial and domestic clients and providing advice for risk management, insurance products and insurance placement.

ASIC found that ACI Broking WA and related entities failed to lodge audited financial accounts for 2012-13 and 2013-14 within the required timeframe and failed to report this breach to the regulator.

ACI Broking WA is a 100 per cent owned subsidiary of Australian Consolidated Insurance Limited (ACIL) (in liquidation) and ACIL is 100 per cent owned by Insured Group Ltd (IGL).

Advertisement
Advertisement

IGL was delisted from the main board of the New Zealand stock exchange, NZX Limited on 7 March 2014.

“Licensees should have an appropriate compliance culture,” ASIC commissioner John Price said.

“ASIC will act to remove companies from the insurance industry that fail to discharge the duties and obligations imposed upon them by the financial services laws.”

ACI Broking WA and related entities have the right to seek a review of ASIC's decision at the Administrative Appeals Tribunal.

ASIC's enquiries are continuing.

PROMOTED CONTENT


The cancellations of these AFSLs are effective 22 September 2015.

ASIC cancels AFSL of SME insurer
mortgagebusiness

Latest News

The chief of Australia’s largest bank has said lenders should act pre-emptively and shift their floor rates for mortgage serviceability am...

Total household wealth reached a high of $13.4 trillion in the June quarter, primarily due to rising property prices, according to the Aust...

The property exchange settlement platform has been granted approval to establish an Electronic Lodgement Network in the ACT.  ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.