The Australian regulator continues to crack down on financial industry miscreants.

Australia’s financial watchdog has suspended a licence for Melbourne-based Allegianz Pty for six months because the firm has not published financial statements and other relevant material, and failed to warn the regulator within 10 business days that this breach had happened.

The suspension by the Australian Securities and Investments Commission follows the regulator's launch of a campaign to raise standards of behaviour in the country’s wealth management industry. (See more detail here.)

ASIC found that Allegianz failed to lodge financial statements, auditor reports and auditor opinions over consecutive years. This is in breach of both its legal obligations and licence conditions, and occurred despite repeated requests from ASIC to comply. The firm also failed to advise ASIC in writing, within 10 business days, of becoming aware of this significant breach.

“Licensees are required to lodge financial statements with ASIC to demonstrate their capacity to provide financial services. Failure to comply with reporting obligations can be an indicator of a poor compliance culture. ASIC won't hesitate to act against licensees who do not meet these important requirements,” said Peter Kell, the regulator’s deputy chair.

The licence is suspended until 10 September. Allegianz has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

The firm provides specialised government, commercial and financial advisory services and has held its Australian Financial Services Licence since July 2012.