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.

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