The Australian Securities and Investments Commission (ASIC) has suspended the licence of Group Underwriters and Managers after it failed to lodge audited accounts for three years.

ASIC says the Sydney-based company, which provides general financial product advice on insurance and has been licensed since June 2012, did not submit financial statements, auditor reports or auditor opinions.

Group Underwriters and Managers’ financial services licence has been suspended until February 16 and may be cancelled if documents are not lodged by then.

“Licensees are required to lodge financial statements and auditor reports with ASIC to demonstrate their capacity to provide financial services,” ASIC 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 that do not meet these important requirements.”