ASIC has suspended the AFS licence of a Queensland-based financial advice practice over concerns it was not meeting its obligations as a licensee.
The regulator said Financial Options Pty Ltd failed to lodge its accounts and audit report for the year ending 30 June 2018, have a dispute resolution system and maintain organisational competence or the resources required to provide the financial services covered by its licence.
Financial Options has since applied for membership with Australian Financial Complaints Authority (AFCA).
Financial Options' licence has been suspended until 26 February 2020 - that period should allow time for the firm to lodge financial reports and address ASIC's concerns.
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ASIC said in a statement: "ASIC expects AFS licensees to do all things necessary to meet their obligations under financial services law, comply with their licence conditions and ensure that they are able to provide financial services efficiently, honestly and fairly."
Financial Options has held its licence since 2004.
The firm has the right to appeal ASIC's decision to the Administrative Appeals Tribunal.
Financial Options is based in the town of Esk in Queensland and appears to be a family owned and operated small business with an emphasis on the financial planning needs of farmers.