ASIC revokes Crown Wealth Group's AFS licence
Australian Securities and Investments Commission (ASIC) revokes Australian Financial Services License (AFS) of Crown Wealth Group Pty Ltd。
The Australian Securities and Investments Commission (ASIC) has cancelled its Australian Financial Services License (AFS) for Crown Wealth Group Limited after it voluntarily entered administration.
On March 13, 2024, Sule Arnautovic of Salea Consulting was appointed as the voluntary administrator for Crown Wealth.
Under the Corporations Act, ASIC has the power to suspend or cancel a financial services license without a hearing when the license holder is under administration or in liquidation.
Prior to its cancellation, the license allowed Crown Wealth to provide advice on products to retail and wholesale clients, including pensions, securities, deposits and payment products, managed investment schemes, and life products, and to transact in these products.
Crown Wealth has the right to apply to the Administrative Appeals Tribunal for a review of ASIC's decision. Crown Wealth has held AFS license number 494274 since March 28, 2017.
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