Sydney-based financial services provider, Premier Wealth Management Financial Services Pty Ltd has had its Australian Financial Services (AFS) licence cancelled, ASIC revealed today.
The cancellation occurred due to failures on Premier Wealth Management’s part to do all things necessary to ensure the financial services covered by the licence were provided efficiently, honestly and fairly.
According to the Aussie regulator, the company also failed to ensure its representatives were adequately trained and competent.
The company’s AFS licence will remain in effect for another 12 months so that its membership of the Australian Financial Complaints Authority is maintained and its obligation to hold professional indemnity insurance cover.
Earlier in September, ASIC announced cancelling the AFS licence of Pure Strategy Pty Ltd due to failure to comply with its general obligations.
