ASIC cancels AFS licence of United Wealth Group

The Australian Securities and Investments Commission (ASIC) announces that it has cancelled the Australian financial services (AFS) licence of United Wealth Group Pty Ltd.

ASIC found that the operation of a one size fits all advice model and the use of generic reasons to support personal advice recommendations meant United Wealth Group failed to ensure its financial services were provided efficiently, honestly and fairly.

The regulator found that United Wealth Group were issuing misleading SOAs by incorrectly disclosing administration fees payable by clients, failing to disclose the licensee’s association with a product provider and not properly disclosing the risks of a specific product recommendation.

ASIC also found United Wealth Group failed to take reasonable steps to ensure its authorised representatives complied with financial services laws.

Under the terms of the cancellation, United Wealth Group’s licence will remain in effect for 12 months solely for the purposes of maintaining its membership of the Australian Financial Complaints Authority (AFCA) and its obligation to hold professional indemnity insurance cover.

United Wealth Group has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.

Posted on

68 Replies to “ASIC cancels AFS licence of United Wealth Group”

  36. Asking questions are genuinely good thing if you are not understanding anything fully,
    but this post presents good understanding yet.

    Here is my web site – nordvpn coupons inspiresensation (t.co)

  48. Hello there, I discovered your web site via Google even as looking for a related
    matter, your web site got here up, it appears to be like good.

    I have bookmarked it in my google bookmarks.
    Hi there, just become alert to your weblog via Google, and
    found that it’s truly informative. I’m gonna be careful for brussels.
    I’ll appreciate when you proceed this in future. Numerous folks shall be benefited
    out of your writing. Cheers!

    my page :: nordvpn coupons inspiresensation

  59. nordvpn code 350fairfax
    I like the helpful information you provide in your articles.
    I will bookmark your weblog and check again here frequently.

    I’m quite certain I will learn many new stuff right here!

    Good luck for the next!

Leave a Reply

Your email address will not be published. Required fields are marked *