Australian Wealth Management Firm AWSM is Facing Regulatory Crisis

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

Australian Wealth Management Firm AWSM is Facing Regulatory Crisis

May 4, 2019

Australasia Wealth Services and Management Pty Ltd (AWSM)Australasia Wealth Services and Management Pty Ltd – a fully independent financial service provider from Brisbane, Australia is at odds with multiple regulatory authorities over non-compliance issues. AWSM provides wide array of financial services for both individuals and corporate sector ranging from tax and legal services, mortgage broking, finance and general insurance planning to compliance management, marketing and lead generation, brand development, Loan lodgement and processing through to settlement, investment and asset management etc… The company provides both managerial and advisory services to clients from many major global markets since its debut in 2014.

While the company has held multiple licenses from various regulatory authorities, it has come under review by all regulatory authorities at same time for lack of compliance with pre-defined requirements. Australian regulatory authority ASIC has announced at start of this month that it has suspended the Australian Financial Services (AFS) license for the company until 25th June 2019. According to report from leaprate, ASIC’s move to suspend the license is because AWSM has broken its financial reporting and audit obligations thereby failing to meet requirements for obtaining the Australian Financial Complaints Authority (AFCA) membership. Despite late announcement from ASIC, the suspension of AFS license for the company seems to have been under effect from 27th March 2019.

There are reports suggesting that AWSM has managed to obtain AFCA membership but ASIC maintains its statement that the company is yet to fulfil its financial reporting and auditing obligations. Along with AFS license AWSM also lost its Australian Credit License (ACL) at the end of March’19 over allegations of failure to maintain competence in undertaking the credit activities according to ACL requirements and for failing to comply with credit legislations. ASIC has mentioned that at the end of the suspension period, if AWSM has failed to prove that the company had complied with its obligations relating to suspended licenses, the regulatory body will move on to considering the possibilities of removing the license granted to the company.

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