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.
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.