ASIC suspends Custom Wealth Solutions' AFSL
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.
AUTHOR
Nicholas O'Donoghue
Recommended for you
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
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.
