Sydney wealth manager sees AFSL cancelled

ASIC Sydney AFSL

15 March 2024
| By Laura Dew |
image
image
expand image

ASIC has cancelled the Australian Financial Services Licence of Sydney-based financial services provider Suetonius Wealth Management. 

The licence had previously been suspended from 17 November 2023 to 28 February 2024, but has now taken the step to cancel it. 

The regulator said it had provided Suetonius with the opportunity to lodge its financial statements and audit reports for the financial years ended 30 June 2021 and 30 June 2022, but that it had failed to do so as of 29 February 2024.

It has also failed to provide its financial statement and audit reports for the most recent financial year to 30 June 2023. 

This is the third AFSL cancellation by ASIC since the start of the year, all in Sydney.

Indie Advice, based in Newtown, Sydney saw its licence cancelled on 19 January 2024 after the regulator became aware that the firm had “not been providing financial services for some time” despite being authorised to provide financial advice to retail and wholesale clients.

Its licence will continue to be in effect until 30 June 2024 in order for Indie to keep its internal and external dispute resolution schemes operating. 

In February, Brava Capital, previously known as Dayton Way Securities between 2010 and August 2023, saw its licence cancelled on 5 February 2024 after ASIC was notified that Brava Capital was no longer providing financial services. Brava held an AFSL since 15 March 2011, which allowed it to provide financial product advice to retail and wholesale clients.

 

Read more about:

AUTHOR

Submitted by B Real on Fri, 2024-03-15 10:17

Not really 'cancellations', they just don't seem to need them anymore.

I had dealings with Suetonius. Something went wrong somewhere - he didn't have any contact for a few years with me. I'm glad my money was safe.

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Shareholder

Get rid of the rest of the old guard to clean up the culture, then you might have a chance....

1 day 20 hours ago
Ray Mitchell

The previous directors and managers of both Dixon Advisory and the ultimate holding company Evans and Partners should be...

2 days 8 hours ago
Old Fella

Why would any Licensee invest in educating and training new advisers, when as soon as the handcuffs come off, they will ...

2 days 12 hours ago

ASIC has obtained interim orders from the Federal Court to freeze the assets of a registered managed fund and prevent its former director from leaving Australia. ...

3 weeks 3 days ago

Insignia Financial has unveiled a new operating model and executive team, including a new head of advice, while three senior executives are set to depart the licensee....

2 days 22 hours ago

The $280 billion Australian Retirement Trust is the first superannuation fund off the block to report its performance for the 2023-24 financial year....

1 week 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND