ASIC has suspended the Australian financial services licence of KP International Group Australia, saying exclusions in its professional indemnity insurance cover did not meet minimum adequacy requirements.

Sydney-based financial services provider KP did not adequately address concerns raised in a timely manner and remediate clients where necessary, ASIC said. It found KP’s professional indemnity insurance cover was inadequate for the licensee’s business and any liabilities arising from potential compensation claims.

“KP International had failed to do all things necessary to ensure that the financial services covered by its licence were provided efficiently, honestly and fairly,” the regulator said.

At least 23 clients of KP International were identified as affected by systemic issues but KP failed to review the relevant client files to determine whether it had engaged in misconduct, assess whether remediation was necessary or take reasonable steps to provide remediation where required.

KP’s Facebook page says its “activity is based on honesty and trust and we are supported by the highly experienced team”.

“Our main goal is to help you every time you need us. That's why we believe we are the expert of (sic) making money and when you need us, we will be on your side.”

KP’s licence, which it has held since 2011, is suspended until September 23 next year.