The Australian Securities and Investment Commission, the Australian financial services regulatory body, has suspended a Sydney-based financial planning firm from operating for one year.

Effective 4 December 2013, Cabot Square Financial Planning has been disallowed to operate after failing to comply with financial services laws, namely the requirement to lodge its annual profit and loss statement and balance sheet for each year from 2008 to 2011 and failing to advise the ASIC in writing, within 10 business days, of becoming aware of this breach.

In a statement on its website, the ASIC said the suspension was handed down because it seemed that Cabot Square "may not comply in the future with its obligations... based on its continued failure to lodge these documents."

Cabot Square may apply to have its suspension lifted if it remedies the issues mentioned. It also has the right to appeal against the ruling with the Administrative Appeals Tribunal. 

Cabot Square Financial Planning has 21 authorised representatives all over Australia.