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ASIC suspends financial advisory company Allegianz

The corporate watchdog has suspended financial advisory company Allegianz for six months for failing to fulfil the obligations of its licence.

The Australian Securities and Investments Commission says the Melbourne-based company failed to lodge financial statements and auditor reports over consecutive years, and failed to properly notify ASIC when it had discovered the breach.

Allegianz, which provides specialised government, commercial and financial advisory services, can appeal against the decision that means it cannot offer its expertise until September 10.

#x201C;Failure to comply with reporting obligations can be an indicator of a poor compliance culture. ASIC won#x2019;t hesitate to act against licensees who do not meet these important requirements,#x201D; ASIC deputy chair Peter Kell said in a statement today.

AAP