The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) license of Brisbane-based financial planning business, Custom Wealth Solutions Dealer Services.
Custom Wealth Solutions has been suspended by ASIC for an initial period of three months after it’s business entered into receivership on 11 June 2014.
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Following the suspension, Custom Wealth and/or its representatives will not be able to provide financial services to clients under the Custom Wealth license and have to seek alternative measures to continue offering financial services.
Under its regular surveillance activities, John Maxwell Morgan and Geoffrey Robert Davis of BCR Advisory have been recruited as receivers and managers.
ASIC has already performed a surveillance of Custom Wealth.
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By GlobalData
