ASIC strips Sydney firm of AFSL

Edwards Benefits Advisors has been stripped of its AFSL following the firm's failure to lodge financial statements, auditors' reports and auditor opinions over several years, as well as its failure to advise ASIC in writing within 10 business days of becoming aware of this breach, the regulator said in a statement yesterday.

“The annual lodgement of audited accounts is an important part of a licensee demonstrating its capacity to provide financial services. ASIC will continue to contact AFS licensees which have not lodged audited financial statements and take appropriate action if they fail to lodge these statements,” ASIC said

Edwards Benefits had been operating since 1999 and was authorised to provide general financial product advice in relation to superannuation, investment, and life and disability insurance to Australian retail clients.  　

The firm has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.