The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Private Wealth Pty Ltd following two payments by the Compensation Scheme of Last Resort (CSLR).

On 30 June 2025, the Australian Financial Complaints Authority (AFCA) made a determination against Private Wealth, which Private Wealth failed to pay. Subsequently, on 3 December 2025, the CSLR made a payment of $60,317.40 for the AFCA determination and notified ASIC.

On 31 July 2025, AFCA made a determination against Private Wealth, which Private Wealth failed to pay. Subsequently, on 3 December 2025, the CSLR made a payment of $54,963.84 for the AFCA determination and notified ASIC.

As a result, on 12 February 2026, ASIC cancelled Private Wealth’s Australian financial services licence.

ASIC must cancel the AFS licence of a licensee where that licensee fails to pay an AFCA determination and the CSLR subsequently pays compensation.

The cancellation is not subject to discretion or merits review. In making the cancellation order, ASIC has specified that Private Wealth is to maintain its membership with AFCA for a further 12 months, to 5 February 2027. This means that complaints about Private Wealth can be lodged with AFCA until 5 February 2027.

The CSLR was established in June 2023, commencing operations in April 2024. It can pay up to $150,000 in compensation to consumers who have an unpaid determination from AFCA relating to authorised personal financial advice, credit intermediation, securities dealing or credit provision, and where other eligibility criteria are met.

The AFCA complaint process must first be completed before a claim can be lodged with the CSLR. All reasonable steps to obtain compensation from the credit and or financial firm must be taken before a CSLR payment can be made.

ASIC’s decision to cancel the licence of Private Wealth follows previous ASIC decisions. ASIC has cancelled nine AFS licences and six credit licences since the commencement of the CSLR.