ASIC has cancelled the Australian financial services (AFS) licence of Aussie Wealth Super Pty Ltd (Aussie Wealth Super) effective from 3 June 2024.

The AFS licence was cancelled after ASIC received notification that liquidators had been appointed on 14 March 2024 and it had been resolved that Aussie Wealth Super be voluntarily wound up.

The terms of the licence cancellation stipulate that Aussie Wealth Super, until 3 June 2025, continue to be in effect as though the cancellation had not happened for the purposes of s912A(1)(g) (having a dispute resolution system) and 912B (concerning arrangements for compensation).

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.

Aussie Super Wealth has a right to apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

Background

Aussie Super Wealth has held AFS licence number 462579 since 5 September 2004.

SV Partners Pty Ltd was appointed as liquidator to Aussie Wealth Super on 14 March 2024.