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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.