WA planning firm loses licence
The Australian Securities and Investments Commission (ASIC) has suspended the Australian Financial Service (AFS) licence of Perth-based business Concentric Wealth Management.
The regulator said it had suspended the AFS in circumstances where a receiver manager had been appointed to the company of Concentric Financial Planning by St George Bank Limited and St George Finance Limited, which are collectively owed a total of about $1.2 million. ASIC said it had decided to suspend the AFS licence held by CWM to protect the public and maintain investor confidence in financial markets.
The regulator said it had formed the view that investor confidence could not be maintained if an entity was allowed to provide members of the public with advice about their financial affairs while experiencing financial difficulties in managing its own affairs.
ASIC said its investigations were continuing.
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