ASIC has cancelled the Australian financial services licence of Crown Wealth Group Pty Ltd (Crown Wealth) after it was placed into voluntary administration.
On 13 March 2024, Sule Arnautovic of Salea Advisory was appointed as voluntary administrator of Crown Wealth.
Under the Corporations Act, ASIC may suspend or cancel an AFS licence without a hearing if the licensee is under administration or is being wound up.
Prior to its cancellation, the licence authorised Crown Wealth to provide advice to retail and wholesale clients about products including superannuation, securities, deposit and payment products, interests in managed investment schemes and life products, and to deal in those products.
Crown Wealth has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.