Sydney wealth firm sees licence suspended by ASIC
The Australian Securities and Investments Commission (ASIC) has suspended the licence of Sydney-based Australasia Wealth Services Management (ASWM) for failing to meet requirements.
ASWM had held its Australian financial services (AFS) licence since April 2014 but ASIC said the firm “breached its financial reporting and audit obligations” as well as failing to obtain membership of the Australian Financial Complaints Authority (AFCA).
The suspension took effect from 27 March 2019 and would be in place until 25 June 2019. ASWM’s licence could be cancelled if the firm was unable to demonstrate it has complied with its AFS licence obligations. While the firm had since obtained AFCA membership, it had failed to yet fulfil the financial reporting and audit obligations.
The firm’s Australian credit licence (ACL) had also been cancelled from the same date for failing to maintain competence to undertake the credit activities it was licenced for and not complying with credit legislation.
ASIC said licensees needed to be aware failing to meet licence obligations was a ‘serious breach’ of the law.
AUTHOR
Laura Dew
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
