The Australian Securities and Investments Commission (ASIC) has cancelled Group Underwriters and Managers’ financial services licence, which was suspended last November.

It comes after the Sydney-based company failed to lodge missing financial statements and auditor reports as required, despite being given a time extension.

“Licensees are required to lodge financial statements and auditor reports with ASIC to demonstrate their capacity to provide financial services,” 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.”

Group Underwriters and Managers, which provides general financial product advice for general and life insurance, initially had its licence suspended for three months after failing to lodge financial and audit reports for three consecutive financial years.

The suspension was extended twice this year to allow it to provide the outstanding lodgements. It has provided only one of the financial-year reports during the suspension.

“The cancellation of [the] licence is part of ASIC’s ongoing efforts to improve standards across the financial services industry,” the regulator said.