ASIC extends Halifax AFSL suspension
The Australian Securities and Investments Commission (ASIC) has announced a further suspension of the Australian financial services (AFS) licence for Sydney-based Halifax Investment Services until 8 January, 2021.
The corporate watchdog decided to suspend the firm’s licence initially on 8 January, 2019, a move which followed the appointment of Morgan Kelly, Stewart McCallum and Phil Quinlan, of Ferrier Hodgson as joint voluntary administrators for Halifax in November, 2018.
In March, 2019, it was resolved to place Halifax into liquidation and the administrators were appointed as liquidators.
According to ASIC, the terms of the suspension allow the Halifax AFS licence to continue in effect for the following purposes only:
- To ensure that clients of Halifax continue to have access to an external dispute resolution scheme;
- To ensure that Halifax continues to be required to have arrangements for compensating retail clients, including the holding of professional indemnity insurance cover; and
- To allow for the termination of existing arrangements with clients of Halifax.
Under the Corporations Act, ASIC has the power to suspend or cancel an AFS licence, without holding a hearing, where the AFS licence is held by a body corporate which is placed under external administration or that is being wound up.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
