Australian regulator ASIC has announced yesterday that it has just suspended the Australian financial services (AFS) license of Sydney-based financial services provider Australasia Wealth Services Management Pty Ltd (AWSM) until 25 June 2019.
According to the regulator, the company AWSM had breached its financial reporting and audit obligations and the requirement to obtain membership of the Australian Financial Complaints Authority (AFCA).
The license suspension takes effect from 27 March 2019. If, at the end of the suspension period, AWSM is unable to demonstrate that it has complied with its obligations as an AFS licence holder, the regulator will consider whether to remove its license or not.
AWSM has since obtained AFCA membership. However, it is yet to fulfil the financial reporting and audit obligations.
AWSM also held an Australian credit licence (ACL), which has been cancelled effective from 27 March 2019, for failure to maintain competence to undertake the credit activities it was licenced for and for not complying with credit legislation.