The Australian Securities and Investments Commission (ASIC) has revoked the Australian Financial Services (AFS) license of Aussie Wealth Super Pty Ltd, with the revocation effective from June 3, 2024.

The license revocation follows ASIC being notified on March 14, 2024, that Aussie Wealth Super had appointed a liquidator and decided to voluntarily wind up. Pursuant to the terms of the license revocation, Aussie Wealth Super will continue to fulfill its obligations under sections 912A(1)(g) (regarding dispute resolution systems) and 912B (regarding compensation arrangements) as required prior to the revocation until June 3, 2025.

Under the Corporations Act, ASIC may suspend or revoke an AFS license without holding a hearing if a licensed company is under administration or in liquidation.

Aussie Wealth Super has the right to apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision. The company has held AFS license number 462579 since September 5, 2004. SV Partners Pty Ltd was appointed as the liquidator of Aussie Wealth Super on March 14, 2024.