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
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
