The Australian Securities and Investments Commission (ASIC) has cancelled the financial services licence of one company and suspended another following continued breaches.

NSW-based Divitiarum Audax had its licence cancelled following a suspension in May for continued failure to lodge financial statements and auditors’ reports over four years.

Mackellar Financial Services, also in NSW, had its licence suspended until April next year for failing to lodge financial statements and auditors’ reports over two years.

“Licensees are required to lodge financial statements and auditors’ reports with ASIC to demonstrate their capacity to provide financial services,” commission Deputy Chairman Peter Kell said.

“Failure to comply with reporting obligations can be an indicator of a poor compliance culture.

“ASIC won’t hesitate to act against licensees who do not meet these important requirements.”