Liquidated firm gets AFSL cancelled



The Australian financial services licence (AFSL) of Sovereign MF has been cancelled by the Australian Securities and Investments Commission (ASIC).
Sovereign is the responsible entity for The Sovereign Tarneit Land Fund and The Sovereign Aged Care Property Fund, and its AFSL was cancelled on 8 February 2017.
"The cancellation is subject to a specification under section 915H of the Corporations Act that the AFSL continues in effect as though the cancellation had not happened for a period of 24 months to allow the liquidators to provide financial services that are reasonably necessary or incidental to the winding up of the schemes," ASIC said.
Sovereign was placed into liquidation on 24 May 2013 following a creditors' resolution on the basis that Sovereign was insolvent. The liquidators are currently in the final stages of winding up the schemes.
The windup had involved completing the residential development of the Westbourne Fields Estate in outer Melbourne and the realisation of all lots within the development.
Recommended for you
While returns and fees are the top priority for older Australians when it comes to their superannuation, more than one in 10 are calling for access to tailored financial advice.
Determinations by the FSCP since the start of 2025 are almost double the number in the same period of 2024, with non-concessional contribution cap errors and incorrect advice among the issues.
Whether received via human or digital means, financial advice is reportedly leading to lower stress and more confidence, according to Vanguard.
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.