ASIC suspends WA AFSL
Monday, 29 September 2008 12:00pm
The Australian Securities and Investments Commission (ASIC) suspended the licence of West Australian based Concentric Wealth Management after it found it couldn't manage it's own debt.
In August Mervyn Kitay was appointed receiver manager of Cottesloe based business, Concentric Wealth Management and Concentric Financial Planning by St. George Bank and St. George Finance which are owed roughly $1.2 million.
An ASIC delegate suspended the businesses licence after it deemed investor confidence could not be maintained if the entity is allowed to provide advice while experiencing financial difficulties in its own affairs.
Concentric Wealth Management provides services across property, shares, managed funds, estate planning, tax planning and income protection.
Michael Hobbs
This story was found at: http://www.financialstandard.com.au/news/view/24132
Printed: Wednesday, 8 September 2010 7:22am