26/09/2008 - 16:59

ASIC suspends Cottesloe firm activities

26/09/2008 - 16:59

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The corruption watchdog has suspended the services of Western Australian financial service business Concentric Wealth Management Pty Ltd.

The corruption watchdog has suspended the services of Western Australian financial service business Concentric Wealth Management Pty Ltd.

 

Below is the Australian Securities and Investments Commission announcement

ASIC has suspended the Australian financial services (AFS) licence of Concentric Wealth Management Pty Ltd (CWM) which conducts its financial services business from Forrest Street, Cottesloe, Western Australia.

On 19 August 2008, Mr Mervyn Kitay was appointed as receiver manager of CWM and of Concentric Financial Planning Pty Ltd, an authorised representative of CWM, by St George Bank Limited and St George Finance Limited which are collectively owed a total of about $1.2 million.

ASIC decided to suspend the AFS licence held by CWM to protect the public and maintain investor confidence in financial markets.

The delegate formed the view that investor confidence cannot be maintained if an entity is allowed to provide members of the public with advice about their financial affairs while experiencing financial difficulties in managing its own affairs.

ASIC's investigation is continuing.

CWM has the right to lodge an application for a review of ASIC's decision with the Administrative Appeals Tribunal.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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