ASIC obtains orders to wind up AWSM, Marigold Falconer, and My Wealth Adviser
The Federal Court of Australia has ordered that Australasia Wealth Services and Management Pty Ltd, Marigold Falconer International Pty Ltd, and My Wealth Adviser Pty Ltd be wound up.
The Australian Securities & Investments Commission (ASIC) today announces that it has secured Court orders to wind up three companies. The Federal Court of Australia in Melbourne has ordered that the following companies be wound up and that liquidators be appointed:
- Australasia Wealth Services and Management Pty Ltd (AWSM);
- Marigold Falconer International Pty Ltd (Marigold Falconer);
- My Wealth Adviser Pty Ltd (My Wealth).
Let’s recall that, in August 2016, ASIC said it had cancelled the Australian financial services licence held by Marigold Falconer International Limited. The company was unable to satisfy ASIC that it could obtain insurance cover for the services it was authorised to provide under the licence, which included providing financial product advice and dealing in financial products.
Regarding Australasia Wealth Services and Management Pty Ltd (AWSM), as FinanceFeeds reported in July 2019, the regulator cancelled the Australian financial services (AFS) licence of AWSM. This followed a licence suspension by ASIC for AWSM’s failure to comply with its obligations as an AFS licence holder. AWSM breached its financial reporting and audit obligations, as well as the requirement to become a member of the Australian Financial Complaints Authority (AFCA).
On February 20, 2020, ASIC applied to have Marigold Falconer and My Wealth wound up. On March 6, 2020, ASIC applied to have AWSM wound up.
The regulator launched the proceedings to protect the public in circumstances where it has concerns about the conduct of the affairs of those companies and their solvency.
ASIC’s investigations into the three companies are ongoing.