Shares of Bell Financial Group (ASX:BFG) were marginally lower in Wednesday trade after the Australian Securities and Investments Commission (ASIC) alleged in a late Tuesday statement that parent company Bell Group Holdings failed to consolidate the company in the 2024 financial results and restated the previous year's comparative figures.

The regulator alleged that the restatement led to an increase in net assets of AU$129.8 million, a rise in profit after tax by AU$13.5 million, and a reduction in net cash outflows by AU$72.4 million.

ASIC also alleged that Bell Group failed to comply with Accounting Standards Board requirements and did not provide a clear or complete picture of its financial position and performance.