The corporate regulator has suspended the financial services licence of Queensland-based planning business Financial Options so it can put its house in order.

The suspension will run until February 26 next year.

The Australian Securities and Investments Commission says Financial Options didn’t lodge its accounts and audit report for the 2017-18 financial year, doesn’t have a dispute resolution system and doesn’t have the organisational competence or resources to provide financial services.

Financial Options has since become a member of the Australian Financial Complaints Authority.

The suspension will allow the company to do everything necessary to meet ASIC’s concerns, the regulator says. It will consider cancelling the licence if Financial Options can’t demonstrate that it can comply with its obligations by February next year.

Financial Options can appeal ASIC’s decision to the Administrative Appeals Tribunal.