ASIC provides information to clients of Spectrum Wealth Advisers
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.
