ASIC suspends Union Standard’s AFS
The Australian Securities and Investments Commission (ASIC) has suspended the Australian Financial Services (AFS) licence of Sydney-based retail over-the-counter derivatives issuer Union Standard International until 23 September.
The licence was suspended under section 915B of the Corporations Act 2001 because Union Standard was under external administration.
On 8 July 2020, Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd were appointed as administrators of Union Standard.
The regulator said that although it suspended the licence, it used its power under s915H of the Corporations Act to allow the administrators to conduct certain necessary activities under the licence during the suspension period.
This included having in place a dispute resolution scheme and arrangements for compensating retail clients, holding professional indemnity insurance and allowing the termination of existing arrangements with current clients of Union Standard.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.