ob体育 has cancelled the Australian financial services (AFS) licence of Sydney-based financial services provider Australasia Wealth Services and Management Pty Ltd (AWSM) as of 4 June 2019.
This follows a licence suspension by ob体育 for AWSM鈥檚 failure to comply with its obligations as an AFS licence holder. AWSM breached its financial reporting and audit obligations, as well as the requirement to obtain membership of the Australian Financial Complaints Authority (AFCA).聽聽
ob体育 suspended AWSM鈥檚 AFS licence from 25 March to 25 June 2019 (19-103MR) allowing time for AWSM to demonstrate that it had complied with all of its general licensee obligations.
At the end of the suspension period information provided to ob体育 by AWSM identified that AWSM would not be able to meet its obligations as an AFS licensee because of its financial position.聽
To minimise any adverse impact on clients, AWSM is required to maintain their Professional Indemnity Insurance and their dispute resolution system until 31 December 2019 despite the cancellation.
Background
AWSM held AFS licence no. 450303 from 30 April 2014 and Australian credit licence (ACL) no. 450303 since 11 February 2014. AWSM鈥檚 ACL cancellation was effective from 27 March 2019.
Subject to timing, AWSM may apply to the Administrative Appeals Tribunal for a review of ob体育鈥檚 decision.