ASIC cancels non-aligned group licence
The Australian Securities and Investments Commission (ASIC) has cancelled the licence of Custom Wealth Solutions Dealer Services after the group entered into external administration earlier this year.
Custom Wealth Solutions Dealer Services entered into receivership in June of this year with ASIC suspending the group's Australian Financial Services Licence (AFSL) for a period of three months. The suspension was extended in late September with ASIC last week filing formal notice of the cancellation of the group's licence.
The licence was cancelled under paragraph 915B(3)(b) of the Corporations Act which states that "ASIC may suspend or cancel an Australian financial services licence held by a body corporate, by giving written notice to the body, if the body becomes an externally-administered body corporate".
ASIC had been conducting a surveillance of Custom Wealth as part of its regular surveillance activities before the group was placed into external administration with the latter action and suspension forcing Custom Wealth planners and clients to seek alternative arrangements to continue providing or receiving financial services.
Custom Wealth Solutions Dealer Services was associated with Chris Appleyard, who held the role of chief executive. According to ASIC records available online Appleyard does not currently hold an authorised representative status with any planning group with his authorised representative status at Custom Wealth ending on 7 July this year.
AUTHOR
Jason Spits
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
