The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence held by Halifax Investment Services which is headquartered in Sydney and partially owns subsidiary in New Zealand.
The suspension followed the appointment of Morgan Kelly, Stewart McCallum and Phil Quinlan, of Ferrier Hodgson, as joint voluntary administrators of Halifax.
The regulator also said that the suspension would allow the Halifax AFS licence to continue in effect for the following purposes:
- 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.