Sydney wealth firm sees licence suspended by ASIC

australian-securities-and-investments-commission/ASIC/regulation/banning/AFCA/Australian-Financial-Complaints-Authority/

1 May 2019
| By Laura Dew |
image
image image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

4 days 3 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

4 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5