iscover ASIC tally goes to 3: another business renewal provider loses registered agent status
BusinessWhile the regulator continues its hunt for third-party business renewal providers that breach its registered agent terms and conditions, accountants say more must be done to stop these breaches.
ASIC has cancelled the registered agent status of another third-party business renewal provider, Registry Australia Pty Ltd, after cancelling the registered agent status of two other providers, Registration Pty Ltd and Biz Australia Pty Ltd on 5 June.
According to his LinkedIn profile and ASIC documents viewed by Accountants Daily, these three entities are all affiliated with digital entrepreneur Robert Kaay.
Registry Australia Pty Ltd operates through a website called registry.com.au, and this cancellation follows its suspension following its breach of ASIC’s Registered Agent Terms and Conditions.
The outcome is “pleasing to see” for Affiliation for Business Resilience and Turnaround chair Eddie Griffith, who told Accountants Daily that he hopes the regulator is taking the matter “much more seriously”.
“I trust ASIC now [realises] the immense scale and broad damage these providers have caused to the small business community over the years - particularly startups and growing businesses,” Griffith said.
In a statement provided to Accountants Daily, ASIC said: “ASIC expects all registered agents to comply with the terms and conditions of their registration, and we are taking action to suspend or cancel registered agents that breach those terms and conditions.”
“Given that ASIC has now acted twice in two months against operators in this space, they appear to be actively seeking to prevent these unsolicited third-party business and company renewal/review services from impersonating official ASIC communication.”
Griffith said that the pattern speaks for itself.
“ASIC is yet to confirm whether this represents the start of a broader shutdown of these misleading notices which span over two decades.”
“I urge small businesses to always verify third-party notices directly with ASIC or their own trusted accountable advisers.”
“Advisors and business owners who have unwittingly paid for these services are urged to get in touch so we can coordinate complaints to ASIC, ACCC and ACMA.”
Previously, a small business accountant told Accountants Daily that her client continues to receive correspondence from reg.com.au. Wild Vine Accounting senior bookkeeper and director Caroline Hager told the masthead that, after lodging a complaint to the ACCC, while on a call with ASIC, the regulator told her it cannot take any action against companies with a cancelled ASIC registered agent status.
“They can keep going without being an ASIC agent,” Hager added.
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Carlos Tse
Carlos Tse is a graduate journalist writing for Accountants Daily, HR Leader, Lawyers Weekly.