The Australian Securities and Investments Commission (ASIC) has cancelled the financial services licences of a number of brokers connected with Perth-based Insured Group.

ACI Broking (WA), ACI Broking (Victoria), Assent Insurance Services and Aurora Underwriting Agency lost their licences late last month after failing to lodge audited accounts for 2012/13 and 2013/14 and not reporting these breaches to ASIC.

In a complex ownership structure, the two ACI companies are owned by Australian Consolidated Insurance, which has been put into liquidation by the WA State Revenue Office.

Australian Consolidated Insurance is owned by Insured Group, which also owns Consolidated Risk Management and Advanced Insurance Technologies. Both are still trading.

However, the ASIC professional register reveals all the brokers that have lost their licences became authorised representatives of Assent Financial Services in July last year.

Assent Financial Services holds a financial services licence to provide general insurance products, granted in 2003.

Its authorised representatives are ACI Broking (WA), ACI Broking (Victoria), ACI Broking Services, Assent Insurance Services and Cavalier Capital.

There is nothing illegal in Assent Financial Services appointing these companies its authorised representatives.

When insuranceNEWS.com.au contacted ASIC about the move, a spokesman would only confirm it has cancelled the financial services licences of some of these businesses.

Although insuranceNEWS.com.au does not have full ownership details for Assent Financial Services, its principal business address is a Perth-based accountant, BE Von Bergheim & Associates. The company’s service address in the Perth suburb of Wembley is the same address as the head office of Insured Group.

It is not the first time Insured Group has fallen foul of regulatory authorities. After a number of fines, the New Zealand stock exchange expelled the company in March 2013.

Insured Group had failed to tell the market of two directors resigning, and also failed to lodge its 2013 accounts.

ASIC says it is continuing to investigate the companies, and all have the opportunity to appeal through the Administrative Appeals Tribunal.