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
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
