The Australian Securities and Investments Commission (ASIC) has cracked down on several insurance brokers that failed to lodge audited annual statements.

It has cancelled the Australian financial services licences of Mariner Insurance, Graeme Bartlett & Associates, Citywide Investment Services and Benchmark Holdings, and suspended Southpoint Insurance Brokers’ licence.

“In our experience failure to comply with reporting obligations is often an indicator of a poor compliance culture,” ASIC Deputy Chairman Peter Kell said.

“ASIC will take action against licensees that fail to lodge these statements.”

The action follows a review of 72 financial services licensees that failed to lodge their annual statements.