The company also failed to lodge its audited accounts for the 2017-19 Financial years. Companies holding an AFS licence must lodge their financial statements and auditor’s reports annually.
ASIC decided to cancel Selectinvest’s licence because the company failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority (AFCA) and had failed to lodge its annual financial and audit reports since 2017.
AFS licensees must demonstrate they have the financial resources to provide the services covered by their licence and to conduct their business lawfully.
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