The Australian Securities and Investments Commission (ASIC) has revoked the Australian Financial Services (AFS) license of Aussie Wealth Super Pty Ltd.
The cancellation is effective from June 3, 2024.
The AFS license was canceled after ASIC received notice that liquidators were appointed on 14 March 2024 and it was decided that Aussie Wealth Super would be wound up voluntarily.
The terms of the license cancellation provide that Aussie Wealth Super, until 3 June 2025, continues in force as if the cancellation had not occurred for the purposes of s912A(1)(g) (has a dispute resolution system) and 912B ( regarding compensation arrangements).
Under the Companies Act, ASIC can suspend or cancel an AFS license without a hearing if the licensee is in administration or liquidation.
Aussie Super Wealth has the right to apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
Aussie Super Wealth has had license number AFS 462579 since 5 September 2004.
SV Partners Pty Ltd was appointed as liquidator of Aussie Wealth Super on 14 March 2024.