Australian regulator ASIC announced that it has cancelled the Australian financial services (AFS) license of Wealth & Risk Management Pty Ltd (WRM).
On 9 February 2018, the Federal Court of Australia, in the matter of ASIC v Wealth & Risk Management Pty Ltd (No 2) [2018] FCA 59, found that WRM breached numerous financial services laws and obligations, and made an order that it be restrained from carrying on a financial services business for 18 years.
As WRM has ceased to carry on its financial services business, ASIC cancelled the AFS license under s915B(3)(a) of the Corporations Act 2001 (Cth).
WRM’s cancellation became effective on 14 May 2018.
ASIC issued WRM (ACN 161 722 514) with AFS license no. 433250 on 4 March 2013, authorising it to carry on a financial services business.