The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence of NSW-based Corpac Partners Pty Limited (Corpac Partners) from 28 February 2018 for failing to lodge financial statements and auditor’s reports for a period of four years. This failure is in breach of both Corpac Partners’ legal obligations and their licence conditions.
ASIC has suspended Corpac Partners’ licence until 28 August 2018.
If Corpac Partners does not lodge the required documents by this date, ASIC will consider whether the licence should be cancelled.
Corpac Partners has held its AFS licence since July 2004.
The annual lodgment of audited accounts is required to ensure that licensees have adequate financial resources to provide the services covered by their licence, and to conduct the business in compliance with the Corporations Act 2001.
ASIC considers failure to comply with reporting obligations to be a potential indicator of poor compliance culture. ASIC will continue to contact AFS licensees who have not lodged financial statements and auditor’s reports and take action where appropriate.
The suspension of Corpac Partners’ licence is part of ASIC’s on-going efforts to improve standards across the financial services industry.