ASIC cancels AFSL of Financial Stewards

Financial Stewards was issued with two compulsory notices as part of ASIC’s surveillance of the company, however Financial Stewards failed to respond to either notice or to the regulator’s correspondence, ASIC said in a statement.

The statement also said Financial Stewards had failed to take reasonable steps to ensure its representatives complied with financial services law, lodge annual financial statements, report breaches and comply with the conditions of its licence.

Commenting on the cancellation, ASIC acting chair Peter Kell said compliance with ASIC’s “lawful requests for information and assistance” was crucial to maintaining the integrity of the financial services sector in Australia.

“ASIC's surveillance of AFS licensees is essential to maintaining consumer trust and confidence and ASIC will not hesitate to act against those who fail to comply with their obligations in relation to ASIC surveillances,” he said.