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Screenshot of a breaking news alert e-mail from Q2 2017
ASIC has suspended the Australian financial services (AFS) licence of Australia Wealth Capital Group Pty Ltd (AFS licence 434007) until 3 October 2017, for failing to comply with a number of key obligations as a financial services licensee, including:
- establishing and maintaining compliance measures to ensure, as far as reasonably practical, that the licensee complies with financial services laws;
- lodging its financial reports within the required timeframe;
- maintaining the competence to provide the financial service under its licence; and
notifying ASIC of significant breaches within 10 days.
ASIC Commissioner John Price said:
Licensees are required to lodge financial statements and auditor reports with ASIC to demonstrate their capacity to provide financial services.
Failure to comply with financial reporting and other obligations can be an indicator of a poor compliance culture. ASIC won’t hesitate to act against licensees who do not meet these important requirements.
The suspension of Australia Wealth Capital Group’s AFS licence is part of ASIC’s ongoing efforts to improve standards across the financial services industry.
For the suspension order to be revoked, Australia Wealth must first satisfy ASIC that it is able to meet all of its compliance and financial reporting requirements.
Australia Wealth Capital Group has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Australia Wealth Capital Group AFS licence was suspended with effect from 26 April 2017.