Sydney wealth manager sees AFSL cancelled

15 March 2024
| By Laura Dew |
image
image
expand image

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.

 

Read more about:

AUTHOR

Submitted by B Real on Fri, 2024-03-15 10:17

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.

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 6 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 day 22 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 4 days ago