The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of Wealth & Risk Management (WRM), following a finding by the Federal Court in February that the company had breached numerous financial services laws and obligations.
The Federal Court found that WRM, alongside Yes FP and Yes FC, engaged in unconscionable conduct by operating a business model based on giving cash payments to financially vulnerable clients in connection with the provision of financial advice.
WRM was the AFSL holder in the business setup, and Yes FP employed its authorised advisers to provide personal financial advice to retail clients referred to them by Yes FS.
The business:
- Advertised ‘fast cash’ to consumers with poor credit histories seeking…
