The Australian Securities and Investments Commission (ASIC) has cancelled Financial Stewards’ financial services licence for failing to co-operate with its surveillance activity.

ASIC issued two compulsory notices to Financial Stewards, and the financial planning business failed to respond.

The regulator also says Financial Stewards failed to take reasonable steps to ensure representatives complied with financial services laws and licence conditions, lodge annual financial statements and auditors’ reports, recognise and report significant breaches and ensure its services were provided efficiently, honestly and fairly.

ASIC Acting Chairman Peter Kell says the financial services system’s integrity requires licensees to meet requests for information and assistance.

“Surveillance of 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,” he said.