ASIC Suspends Beacon Wealth’s AFS License

The Australian Securities and Investments Commission has suspended Australian financial services (AFS) license number 239 946, held by Beacon Wealth Pty Ltd, until April 7, 2026. The decision followed findings that the company had ceased operating a financial services business.

Beacon Wealth underwent a significant change in June 2024, when all directors were replaced and full ownership of the firm was transferred to a new party. Since that acquisition, the company has not engaged in any licensed financial services activities. ASIC also noted that the individuals listed as responsible managers and the key person on the license no longer have any role within the licensee.

Beacon Wealth expressed interest in restarting financial services activity under its existing AFS license. However, the company must first receive ASIC’s approval before resuming operations.

The license, originally granted in 2003, has operated under different names in the past, including CCZ Statton Pty Ltd, CCZ Statton Equities Pty Ltd, and CCZ Equities Australia Pty Ltd.

ASIC Warned AFS Licensees of Unregistered Financial Advisers

In February 2025, ASIC issued infringement notices to three AFS licensees whose financial advisers provided personal advice while unregistered. Australian Advice Network Pty Ltd, IA Advice Pty Ltd and Sherrin Partners Services Pty Ltd each paid an infringement notice penalty of $31,300 on 5 March 2025, 21 March 2025 and 24 March 2025 respectively. Payment of an infringement notice is not an admission of guilt or liability.

ASIC acted because it had reasonable grounds to believe that the AFS licensees, had authorised a financial adviser who gave personal advice to a retail client in relation to relevant financial products while the adviser was unregistered.

Failure to register a financial adviser creates a risk for consumers who may receive personal advice from unregistered advisers. The registration requirement is an important consumer protection mechanism to ensure AFS licensees have considered and received declarations about whether their financial advisers are fit and proper and meet the education and training standards. Failure to register financial advisers may also indicate that AFS licensees do not have adequate governance arrangements in place to ensure they comply with the law.

Each AFS licensee immediately registered their financial adviser and breach reported to ASIC after becoming aware of their individual being unregistered. ASIC had regard to these circumstances in deciding its approach to taking enforcement action.

ASIC has been actively monitoring the industry’s ongoing compliance with the registration requirement for financial advisers and taking steps to raise awareness with AFS licensees and relevant providers.