Sydney wealth firm sees AFSL cancellation by ASIC
ASIC has cancelled the Australian financial services licence (AFSL) of Sydney firm Aussie Wealth Super.
The Burwood-based firm saw its AFSL cancelled effective from 3 June after the corporate regulator received notification that liquidators had been appointed on 14 March 2024.
The liquidator SV Partners resolved that Aussie Wealth Super be voluntarily wound up.
ASIC said the terms of the licence cancellation state that Aussie Wealth Super continues to be in effect as though the cancellation had not happened until 3 June 2025. This is for the purpose of having a dispute resolution system and concerning arrangements for compensation.
Its AFSL was first issued in September 2004.
Under the Corporations Act, ASIC may suspend or cancel an AFS licence without a hearing if the licensee is under administration or is being wound up.
Aussie Wealth Super has a right to apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
This is the fifth Sydney firm to see an AFSL cancellation since the start of 2024 following Indie Advice in January, Brava Capital in February, and Suetonius Wealth Management and Crown Wealth in March.
AUTHOR
Laura Dew
Recommended for you
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
