The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence of Sterling & Freeman Advisory Pty Ltd until 7 September 2022.

The company has held AFS licence no. 479381 since 26 February 2016.

The licence authorised Sterling & Freeman to provide specified financial services to wholesale clients, including issuing interests in a wholesale managed investment scheme.

ASIC suspended the licence because Sterling & Freeman failed to lodge financial statements and audit opinions with ASIC for the 2019, 2020 and 2021 financial years. Also today, ASIC announced the cancellation of the Australian financial services (AFS) licence of Rizzak Capital Pty Ltd for similar reasons.

The regulator notes that it may consider further action if Sterling & Freeman continues to not comply with its obligations at the end of the suspension period.

Sterling & Freeman may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.