The Australian Securities and Investments Commission (ASIC) has suspended the licence of Mutual Care over its statutory audit and financial reporting obligation breaches.

Mutual Care’s Australian financial services (AFS) licence authorises the business to deal in general insurance products and provide financial advice in respect of general insurance products to retail and wholesale clients.

“The licence suspension means that Mutual Care cannot provide financial services other than to existing clients,” ASIC says in a statement.

ASIC says Mutual Care may apply to the Administrative Appeals Tribunal for a review of the licence suspension, which is effective until October 19.

Mutual Care has held its licence since February 2008.