ASIC cancels suspended AFSL

ASIC has cancelled the Australian financial services licence of Parramatta-based company Rural & General Insurance Broking for failing to comply with legal obligations and licence conditions.

The regulator found the company failed to lodge annual financial statements and auditor's reports for the financial years ending 30 June 2014, and 30 June 2015.

Rural & General Insurance Broking's (RGIB ) AFS licence was initially suspended by ASIC for six months in October 2016, for its failure to meet its obligations to lodge these annual financial statements and auditor's reports during the period of its licence suspension. ASIC has now cancelled its licence.

"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," ASIC deputy chairman Peter Kell said.

RGIB had held its AFS licence since March 2003, and provided general financial product advice. The company was also authorised to deal in general insurance products.

In 2016, ASIC permanently banned the former director of RGIB, Timothy Pratten, from providing financial services and from engaging in credit activities.

As a result of his conviction, Pratten was automatically disqualified from managing corporations and was removed as a company office-holder of Practical Insurance Claims Administration and Rural & RGIB.

Read more: ASICRGIBRuralAFSGeneral Insurance Broking forTimothy PrattenPeter KellPractical Insurance Claims Administration
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