The Australian Securities and Investments Commission (ASIC) has revoked the Australian financial services (AFS) license of Aussie Wealth Super Pty Ltd, effective from June 3, 2024.
The license cancellation follows ASIC’s receipt of notification that liquidators were appointed on March 14, 2024, and that a resolution was passed for Aussie Wealth Super to be voluntarily wound up.
According to the terms of the license revocation, Aussie Wealth Super must maintain certain obligations as if the cancellation had not occurred until June 3, 2025. These obligations include maintaining a dispute resolution system (per section 912A(1)(g)) and arrangements for compensation (under section 912B).
Under the Corporations Act, ASIC has the authority to suspend or cancel an AFS license without a hearing if the licensee is under administration or in the process of being wound up.
Aussie Wealth Super retains the right to appeal ASIC’s decision by applying to the Administrative Appeals Tribunal (AAT) for a review.
Last month, ASIC also announced the suspension of Aurora Funds Management Limited’s (Aurora) Australian financial services (AFS) license until September 20, 2024.
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