S&P Fund Services unchanged by retail AFSL withdrawal

20 November 2009 | by Amal Awad

Standard & Poor’s (S&P) decision to withdraw its application for a retail Australian Financial Services Licence (AFSL) will not affect S&P Fund Services, the ratings house said.

S&P said earlier this week it would apply for a wholesale AFSL for its credit rating business, with a view to the Australian Securities andInvestments Commission’s (ASIC’s) new regulatory framework.

As a result of S&P’s changes, credit ratings will not be available to Australian retail investors as of 2010.

However, the ratings house said its decision has no bearing on S&P Fund Services. “While Standard & Poor’s provides both credit rating and fund rating services to the Australian market, the two businesses are legally and operationally separate,” S&P said in a statement.

S&P said it will continue to provide services to product manufacturers and the retail wealth management industry.

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