ASIC has suspended the Australian financial services (AFS) licence of First City Corporate Advisory Services Pty Limited.

The reason for the license suspension is that the company has failed to lodge its annual financial statements and audit reports.

The suspension, in place until 27 March 2024, provides First City with an opportunity to meet its outstanding compliance obligations.

If First City has not complied with its outstanding obligations by the end of the suspension period, ASIC will consider cancelling its AFS licence.

First City has held AFS licence number 225858 since 15 April 2003. The licence authorises First City to provide financial product advice and deal in securities for wholesale clients.

Timely lodgement of financial statements and audit reports promotes confidence in markets by demonstrating an AFS licensee’s capacity to meet its financial requirements.