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13-050MR ASIC cancels the licence of Addwealth Financial Services

Friday 15 March 2013


ASIC has cancelled the Australian financial services (AFS) licence of West Australia-based Addwealth Financial Services Pty Ltd (Addwealth FS) as it was unable to comply with its licence conditions.

In September 2012 ASIC imposed additional licence conditions on Addwealth FS following ASIC concerns, among other things, over the appropriateness of advice to certain clients (refer: 12-215MR).

As part of ASIC’s ongoing monitoring of Addwealth FS’s compliance, ASIC became aware that Addwealth FS had breached those additional licence conditions, including failing to lodge independent external compliance reports.

At the same time Addwealth FS requested ASIC cancel their licence under s915B(3)(d) of the Corporations Act 2001. ASIC agreed.

As part of the licence cancellation, ASIC imposed conditions that Addwealth FS for the next 12 months extend professional indemnity insurance and maintain its membership of an external dispute resolution service.

ASIC is writing to former Addwealth FS clients advising them of the circumstances of the licence cancellation and other general matters that they should know about and be aware of in terms of any financial products that they hold and any complaints they may wish to make.

Consumers who have complaints about their dealings with Addwealth FS can contact the Financial Ombudsman Service on 1300 780 808.

ASIC is conducting enquiries into the conduct of individual officers of Addwealth FS and related companies. At this time ASIC has no further comment to make.


Background


Addwealth FS provides advice on products and services including retirement planning and strategies, superannuation and rollovers (including strategies), self-managed superannuation, share market investments and managed funds.

Section 915B(3)(d) of the Corporations Act 2001 states ASIC may suspend or cancel an Australian financial services licence held by a body corporate, by giving written notice to the body, if the body lodges with ASIC an application for ASIC to do so, which is accompanied by any documents required by regulations.


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