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Crown Wealth Group's Australian financial services license revoked

2024-04-10 16:11:38

abstract：The Australian Securities and Investments Commission (ASIC) announced today that it has revoked the Australian Financial Services (AFS) license held by Crown Wealth Group Pty Ltd (Crown Wealth). The company has entered voluntary administration.

The Australian Securities and Investments Commission (ASIC) announced today that it has revoked the Australian Financial Services (AFS) license held by Crown Wealth Group Pty Ltd (Crown Wealth). The company has entered voluntary administration.

Crown Wealth obtained an AFS license (license number: 494274) on March 28, 2017, and is authorized to provide investment advice on products such as pensions, securities, deposits and payment products, managed investment plan interests, and life insurance products to retail and wholesale customers.

Crown Wealth Group's Australian financial services license revoked

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

Under the Corporations Act, ASIC has the power to suspend or revoke an AFS license without a hearing if a licensed institution is in administration or liquidation.

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