Jailed adviser sees AFS licence suspended
The Australian financial services (AFS) licence of a Alice Springs-based wealth management firm has been suspended after its sole director was jailed.
The Australian Securities and Investments Commission (ASIC) said the AFS licence for HJ Shortland & Co Wealth Management Pty Co had been suspended for six months from 20 June, 2022.
This was because the firm had ceased to carry on a financial services business as its sole director, Harris Shortland, was incarcerated.
Shortland was sentenced in the Supreme Court of the Northern Territory last December for six and half years for importing and smuggling 40 grams of cocaine into Alice Springs during 2017 and 2018.
He had lodged an appeal against his conviction which was due to be heard later this year.
ASIC said the six months suspension had been taken to allow time to his appeal to be heard and determined to ensure it took the necessary steps to meet the obligations of an AFS licensee before recommencing its business.
The licensee could apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
AUTHOR
Laura Dew
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
