The Australian Securities & Investments Commission has cancelled Private Wealth Pty Ltd’s Australian financial services (AFS) licence after the Compensation Scheme of Last Resort (CSLR) made two payments in relation to unpaid Australian Financial Complaints Authority (AFCA) determinations. AFCA issued determinations against Private Wealth on 30 June 2025 and 31 July 2025, which the firm failed to pay. The CSLR subsequently paid AUD 60,317.40 and AUD 54,963.84 on 3 December 2025 and notified ASIC, triggering a mandatory licence cancellation that is not subject to discretion or merits review. ASIC’s cancellation order also requires Private Wealth to maintain AFCA membership for a further 12 months until 5 February 2027, allowing complaints about the firm to be lodged with AFCA until that date.
Australian Securities & Investments Commission 2026-02-26
Australian Securities & Investments Commission cancels Private Wealth Pty Ltd AFS licence after CSLR pays compensation for unpaid AFCA determinations
The Australian Securities & Investments Commission (ASIC) has cancelled Private Wealth Pty Ltd’s Australian financial services licence following payments by the Compensation Scheme of Last Resort for unpaid Australian Financial Complaints Authority determinations. The cancellation, triggered by mandatory rules, requires Private Wealth to maintain AFCA membership until 5 February 2027 to allow for complaint lodgement.