ASIC has suspended the AFSL of Custom Wealth Solutions Dealer Services, more than a month after ifa first reported it was going into receivership.
According to a statement from the regulator, the Brisbane-based financial planning business will have its AFSL suspended for an initial term of three months,
CWS's licence was suspended after the business entered into receivership on 11 June 2014.
John Maxwell Morgan and Geoffrey Robert Davis of BCR Advisory were appointed receivers and managers of the company.
ASIC also noted that prior to the appointment of receivers and managers, it had been conducting a surveillance of CWS as part of its regular surveillance activities.
ifa understands that the majority of former CWS authorised representatives will be joining Queensland licensee MyPlanner Australia, also known as SMSF Partners, under a deal negotiated with receivers.
The regulator has also banned the director of the firm linked to the Mayfair 101 Group from controlling a financial services entity.
The big four bank has confirmed the move today.
Joe Longo has addressed ongoing concerns by the industry.
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