Regulatory Alerts2026-02-26
ASIC cancels AFS licence of Private Wealth Pty Ltd
ASIC has cancelled the Australian financial services licence of Private Wealth Pty Ltd after the Compensation Scheme of Last Resort paid two unpaid AFCA determinations totaling over $115,000. The regulator was mandated to revoke the licence because the licensee failed to satisfy AFCA awards, triggering automatic CSLR compensation payments. Private Wealth must maintain AFCA membership until February 2027, and the cancellation order is not subject to discretion or merits review.
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