ASIC has cancelled the Australian Financial Services (AFS) licence of Sydney based financial services provider, Premier Wealth Management Financial Services Pty Ltd (Premier Wealth Management), effective 24 November 2021.

ASIC cancelled the licence because Premier Wealth Management failed to do all things necessary to ensure the financial services covered by the licence were provided efficiently, honestly and fairly. Premier Wealth Management also failed to ensure its representatives were adequately trained and competent.

Under the terms of the cancellation, Premier Wealth Management’s licence will remain in effect for 12 months solely for the purposes of maintaining its membership of the Australian Financial Complaints Authority and its obligation to hold professional indemnity insurance cover.

Premier Wealth Management has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.

Background

Premier Wealth Management held AFS licence no. 404798 since 10 June 2011.