The Australian Securities and Investments Commission (ASIC) has cancelled the licences of two insurance brokers for failing to lodge audited annual statements.

Action against Queensland-based Ken Hart Insurance Brokers and Adelaide-based Marshall Laurence follows a proactive review of 14 Australian financial services licensees.

The regulator cancelled four licences, two were voluntarily cancelled, one was suspended and seven licensees complied by submitting all outstanding documents.

ASIC Deputy Chairman Peter Kell says failure to meet reporting obligations can indicate a poor compliance culture.

“After our last review, ASIC warned licensees their failure to lodge audited annual statements may result in the cancellation or suspension of their licences and we are disappointed that some licensees do not seem to be heeding this message,” he said.

“Be clear, ASIC will continue to contact licensees who have not lodged audited financial statements and take action where they fail to lodge these statements.”