The Australian Securities and Investments Commission has suspended the Australian financial services licence of Sydney-based Australasia Wealth Services Management Pty Ltd until 25 June.

The regulator says that the firm did not live up to its obligations in respect of financial reporting and audit. Nor did it obtain membership of the Australian Financial Complaints Authority, which is now mandatory.  

AWSM’s licence ceased to be valid on 27 March. ASIC may yet cancel it entirely if, at the end of the suspension period, AWSM has not done everything it ought to. The firm is now, at least, a member of AFCA.

The financial firm also held an Australian credit licence, which ASIC cancelled outright because it broke Australia's credit laws.

AWSM has held AFS licence no 450303 since 30 April 2014 and ACL no 450303 since 11 February 2014. It is allowed to lodge an appeal with the Administrative Appeals Tribunal.