ASIC has suspended the Australian financial services (AFS) licence of Brisbane-based financial planning business, Custom Wealth Solutions Dealer Services Pty Ltd (Custom Wealth) for an initial term of three months.
Custom Wealth’s licence was suspended after the business entered into receivership on 11 June 2014. John Maxwell Morgan and Geoffrey Robert Davis of BCR Advisory were appointed Receivers and Managers.
Prior to the appointment of the Receivers and Managers, ASIC had been conducting a surveillance of Custom Wealth as part of its regular surveillance activities.
Background
Under section 915B(3) of the Corporations Act, ASIC may immediately suspend or cancel an AFS licence held by a body corporate, by giving notice to the body, if the body corporate becomes externally administered.
As a result of the suspension, Custom Wealth and/or its representatives are unable to provide financial services to clients under the Custom Wealth licence and will need to seek alternative arrangements to continue providing financial services.
Any representatives or clients who have questions about how this may affect them should contact ASIC on 1300 300 630 or the Receivers and Managers at BCR Advisory on (02) 9220 0750.
ASIC acknowledges the cooperation of the Receivers and Managers since their appointment.
