ASIC has formally revoked the Australian Financial Services licence (AFS licence) of Crown Wealth Group, now known as A.C.N. 603 037 510, following its move into voluntary administration.
The decision came after Sule Arnautovic from Salea Advisory was appointed on March 13 to oversee the administration process.
This measure by ASIC falls within its regulatory authority, as per the Corporations Act, which permits the suspension or complete cancellation of an AFS licence if the licensee is undergoing administration or liquidation procedures, according to a news release.
Crown Wealth, which had held an AFS licence since March 28, 2017, was previously authorised to offer advice and deal in retail and wholesale clients about products including superannuation, securities, deposit and payment products, interests in managed investment schemes and life products to both retail and wholesale clients.
Despite the setback, Crown Wealth retains the option to challenge ASIC’s decision by appealing to the Administrative Appeals Tribunal.
Recent ASIC actions include the permanent ban on Panacea Capital director and securing bankruptcy orders against a social media financial influencer.
See LinkedIn post here.
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