ASIC cancels Addwealth licence
Addwealth Financial Services has had its licence cancelled by the Australian Securities and Investments Commission (ASIC).
The West Australian-based company had additional conditions imposed upon its Australian financial services licence by the regulator in September 2012.
As part of ASIC's ongoing monitoring of Addwealth's compliance, the regulator "became aware that Addwealth FS had breached those additional licence conditions, including failing to lodge independent external compliance reports", according to ASIC.
"At the same time, Addwealth requested ASIC cancel their licence under s915B(3)(d) of the Corporations Act 2001. ASIC agreed," according to a statement by the regulator.
ASIC is currently in the process of writing to former Addwealth clients advising them of the licence cancellation and the circumstances surrounding it.
"Consumers who have complaints about their dealings with Addwealth FS can contact the Financial Ombudsman Service on 1300 780 808," said ASIC.
The regulator is currently "conducting enquiries into the conduct of individual officers of Addwealth FS and related companies".
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