The Australian Securities and Investments Commission (ASIC) has suspended the Australian Financial Services Licence (AFSL) of Brisbane-based planning business, Custom Wealth Solutions Dealer Services Pty Ltd.
Custom Wealth's AFSL was suspended, for an initial period of three months, after the business entered into receivership on 11 June 2014.
In a statement, ASIC noted that John Maxwell Morgan and Geoffrey Robert Davis of BCR Advisory were appointed receivers and managers.
Prior to the appointment of the receivers and managers, ASIC had been conducting a surveillance of Custom Wealth as part of its regular surveillance activities.
ASIC said that as a result of the suspension, Custom Wealth and/or its representatives are unable to provide financial services to clients under the Custom Wealth licence and will need to seek alternative arrangements to continue providing financial services.