The Administrative Appeals Tribunal has granted a conditional stay to an ASIC decision not to renew the registration of AP Investments (WA) Ltd – trading as APAC Finance and Insurance Brokers – to act as a licensed insurance broker. The Perth-based company failed to obtain a renewal on Christmas Eve.

ASIC alleged AP Investments failed to lodge audited accounts for the 1999 and 2000 financial years, and was late with the 1998 results. The AAT granted a stay until a hearing into AP Investments’ appeal against the ASIC decision.

In the meantime, AP Investments must comply with two conditions: to inform insurers, renewing clients and new clients that its registration as a broker has not been renewed by ASIC and that the company is operating pursuant to a stay order granted by the AAT. It has also been ordered to lodge its audited accounts with ASIC by specified dates.