ASIC Revokes AFS Licence of Crown Wealth Group

​The Australian Securities and Investments Commission (ASIC) today has canceled Australian financial services licence of Crown Wealth Group Pty Ltd (Crown Wealth) after it was placed into voluntary administration.

Crown Wealth held AFS licence number 494274 from 28 March 2017, allowing it to provide advice to retail and wholesale clients about products including superannuation, securities, deposit and payment products, interests in managed investment schemes and life products, and to deal in those products.

On 5 March 2024, Crown Wealth changed its name to A.C.N. 603 037 510 Pty Ltd. Later on 13 March 2024, Sule Arnautovic of Salea Advisory was appointed as voluntary administrator of the company.

Under the Corporations Act, ASIC may suspend or cancel an AFS licence without a hearing if the licensee is under administration or is being wound up.