ASIC suspends Melbourne advice firm’s AFSL
ASIC has suspended the Australian Financial Services Licence (AFSL) of a Melbourne-based financial advice firm.
The AFSL was held by Beacon Wealth in Melbourne and would be suspended until 7 April 2026 as the firm ceased to carry on a financial services business. Its website describes how it offers investment strategy, retirement planning, insurance solutions, and wealth protection.
The regulator said ownership and control of the licensee changed when the firm’s directors were replaced and 100 per cent of the shares in the licensee were sold to a new owner. Since that time, the new owners have not been carrying on a financial services business, ASIC said.
It also found the AFS licensees’ responsible managers and key person no longer had any involvement with the licensee.
“Beacon Wealth has indicated that it wishes to commence a financial services business under the AFS licence, however it will need to obtain approvals from ASIC in order to do so.”
Next month, ASIC will launch a new digital portal for those applying for an AFSL which will include the ability to apply for, maintain and vary AFSLs, and all licensees and applicants will transition to the portal.
AFSLs are needed if an individual provides financial product advice, deals in a financial product, operates a registered scheme, or provides a superannuation trustee service, among others. An AFSL is needed from the first day a financial services business begins to operate.
Applications consider whether an individual is competent to carry on a financial services business, has sufficient financial resources to do so, and can meet the obligations of being a licensee, such as training, compliance, and insurance.
AUTHOR
Laura Dew
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