The Australian Securities and Investments Commission (ASIC) has announced that it has revoked the Australian Financial Services (AFS) license from United Wealth Group Pty Ltd. ASIC found that United Wealth Group failed to ensure that its financial services were provided efficiently and fairly.
The regulator found that United Wealth Group had issued misleading Statements of Advice (SOA), which must include the basis on which the advice is given, details of the providing entity, and information on any payments or benefits the company will receive. United Wealth Group misrepresented administrative fees paid by customers and failed to properly disclose the risks of a specific product recommendation.