Australia’s financial regulator has suspended the licence of a financial planning firm, Protect Ensure Pty Ltd due to concerns that the firm hasn’t upheld compliance obligations.

Australia’s financial regulator has suspended the licence of a financial planning firm, Protect Ensure Pty Ltd due to concerns that the firm hasn’t upheld compliance obligations.

The group provides financial planning services, including advice, with offices in Brisbane and Sydney.

Following a surveillance exercise, the Australian Securities and Investments Commission found Protect Ensure failed to lodge true and fair annual accounts, together with an auditor’s report before 31 October of the relevant year, and failed to report this significant breach to ASIC.

The group also failed to ensure it had adequate financial resources to provide its services and to carry out supervisory arrangements of its representatives, ASIC said in a statement. The licence has been suspended until 19 December 2014, effective from 23 September. Protect Ensure is unable to provide advice to new or existing clients in this period.

Protect Ensure must update its accounts, and have them audited to ASIC’s satisfaction and show ASIC that it has adequate financial resources to operate its licence.

ASIC has written to all representatives of Protect Ensure requiring them to tell their clients their licence has been suspended and what that means.

“ASIC will not tolerate licensees who have funding issues which could lead to serious consequences for clients,” deputy chairman Peter Kell said.

ASIC’s investigation into the group’s conduct is continuing.