ASIC has suspended the Australian financial services (AFS) licence of Mutual Care Pty Ltd (Mutual Care) until 19 October 2023.

The licence authorises Mutual Care to deal in general insurance products and provide financial advice in respect of general insurance products to retail and wholesale clients.

ASIC suspended the licence because Mutual Care failed to meet its statutory audit and financial reporting obligations.

The licence suspension means that Mutual Care cannot provide financial services other than to existing clients.

Mutual Care may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.