ASIC cancels wealth manager’s licence
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence of Sydney-based firm Premier Wealth Management Financial Services and banned two directors.
This was because Premier had failed to ensure the services provided met the licence requirements efficiently, honestly and fairly. It also failed to ensure its representatives were adequately trained and competent.
Directors Gerald Cummings and Craig Allen had both been banned from providing financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carried a financial services business for five years.
ASIC found that both Cummings and Allen demonstrated prolonged, wide ranging and ongoing incompetence and lacked compliance mentality.
This included non-compliance when providing statements of advice, misleading and deceptive conduct regarding client files and failure to refund clients that had been overcharged.
Premier had held an AFS licence since June 2011.
The cancellation, which was effective from 24 November, 2021, would mean the firm’s licence would remain in effect for 12 months solely for the purposes of maintaining its membership of the Australian Financial Complaints Authority and its obligation to hold professional indemnity insurance cover.
Premier Wealth Management, Allen and Cummings had the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.
AUTHOR
Laura Dew
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