ASIC Cancels AFS Licence of Premier Wealth Management

The Australian Securities & Investments Commission (ASIC) today announces the cancellation of the Australian Financial Services (AFS) licence of Premier Wealth Management Financial Services Pty Ltd (Premier Wealth Management), a financial services provider based in Sydney, effective from 24 November 2021.

According to the official press release, the decision comes as 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 held AFS licence no. 404798 since 10 June 2011. The company may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision.