ASIC provides information to clients of Spectrum Wealth Advisers

Maria Nikolova

Clients that are concerned about advice received from a Spectrum adviser can consider lodging a complaint with Spectrum or notifying a dispute with AFCA.

The Australian Securities & Investments Commission (ASIC) has published information for clients of Spectrum Wealth Advisers Pty Ltd (Spectrum) and financial advisers represented under Spectrum’s Australian financial services (AFS) licence. ASIC says the company, which is a Sydney-based AFS license holder with representatives around the country, is seeking to cancel its licence and is no longer providing financial services.

Advisers who are authorised through Spectrum’s AFS licence will need to become authorised by another AFS licensee before they can continue to provide financial advice to their clients. Clients of Spectrum who wish to find a new adviser should make sure they are dealing with an adviser authorised by an AFS licensee.

If you are concerned about advice you received from a Spectrum adviser, you can consider:

  • lodging a complaint with Spectrum via its internal dispute resolution process;
  • notifying a dispute with Spectrum’s external dispute resolution provider, the Australian Financial Complaints Authority (AFCA) https://www.afca.org.au; and/or
  • contacting your current financial adviser or obtaining independent legal advice.

A person cannot give financial advice unless licensed or authorised by an AFS licensee.

ASIC understands that Spectrum has advised all representatives to cease providing financial services and is in the process of revoking the advice authorisations of all its representatives. This means ex-Spectrum advisers cannot give new advice until authorised by another AFS licensee.

The regulator has previously notified Spectrum that it was considering suspending or cancelling Spectrum’s AFS licence because of concerns that Spectrum had failed to meet some of its legal obligations.

Read this next

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

Digital Assets

Zodia Custody and SBI Digital Asset Holdings launch JV for crypto asset custodian in Japan

“Zodia Custody is both proud and excited to be working with SBI DAH to help set up SBI Zodia Custody; the first tier 1 crypto asset custodian for institutions in Japan.”

Digital Assets

Paxos opens R&D center in Israel to focus on transaction signing and crypto custody security

“Paxos is looking to expand its team in Israel in 2023 and beyond, giving engineers the opportunity to work on cutting-edge financial products and shape the future of the global economy.”

Executive Moves

Stash appoints Liza Landsman as CEO to further grow investing app

Stash is an investing and banking app with over 2 million active subscribers. Its subscription plans start at just $3 a month, and offer a range of products including investing, banking, education, and advice.

Institutional FX

Invast Global ramps up its offering with 10 soft commodity CFDs

Sydney-based prime-of-prime provider Invast Global has expanded its offering with the addition of ten soft commodity CFDs, which increases their index and commodity CFD offering to 35 instruments.

Retail FX

FF Simple and Smart Trades says Goodbye to CySEC authorization

The Cyprus Securities and Exchange Commission (CySEC) confirmed that it has wholly withdrawn the Cyprus Investment Firm (CIF) licenses of FF Simple and Smart Trades Investment Services Ltd.

Crypto Insider

Shining the Light in Crypto’s Dark Places

Something changed in regulators’ minds after the November crash of the FTX crypto exchange.

<