Clicky

BBY Advisory and SmarTrader lose AFSL

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licences of BBY Advisory and SmarTrader, and extended the suspension of BBY Ltd’s AFS licence until May next year.

This followed ASIC’s initial suspension of the licences held by BBY, BBY Advisory and SmarTrader for a period of three years in May 2015.

The terms of the extended suspension would allow BBY’s AFS licence to continue to ensure that clients of BBY continue to have access to an external dispute resolution scheme and the National Guarantee Fund.

BBY’s licence would also be allowed to continue for the purpose of compensating retail clients for loss or damages suffered as a result of breaches of the Corporations Act by the companies or their representatives.




Related Content

Advisers significantly impacted by PC

The Productivity Commission (PC) may have been tasked with addressing the competitiveness and efficiency of superannuation but its final report had fi...Read more

PC calls for higher SMSF advice standards

As a year set to be dominated by new advice training standards for financial advisers begins, the SMSF Association has welcomed the Productivity Commi...Read more

ASIC suspends Halifax Investment’s license

The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence held by Halifax Investment S...Read more

Author

Comments

Add new comment