ASIC makes first AFSL action of FY24–25
ASIC has suspended the Australian financial services licence (AFSL) of a Sydney firm, the first of the new financial year.
The corporate regulator suspended the AFSL of HLK Group for a period of six months until 27 December 2024.
This was because the firm, which has held the AFSL since 31 May 2013, has ceased carrying on a financial services business.
“The AFS licence authorised HLK Group to provide financial product advice to, and deal in various financial products for, retail and wholesale clients. Currently HLK Group has no retail or wholesale clients," ASIC said in a statement.
Sydney firms have been particularly prevalent this year when it comes to AFSL action with seven firms in the New South Wales city seeing action taken against them.
This includes Indie Advice in January, Brava Capital in February, Suetonius Wealth Management and Crown Wealth in March, Aussie Wealth Super, Sug Ou Jeung and Ascot Securities in June.
Click here to read Money Management's round-up of ASIC actions against financial advisers during the last financial year.
AUTHOR
Laura Dew
Recommended for you
Sequoia chief executive Garry Crole is looking ahead beyond business disruption as the licensee receives a verdict from the Takeovers Panel regarding whether there was unethical shareholder practice afoot.
Count has divested its Bentleys WA business for a lower purchase price than initially forecast.
An experienced financial adviser, who has been with AMP for nearly two decades, has launched his own Western Australia-based advice firm under AMP Advice’s licensee network.
The Financial Advice Association Australia’s Anne Palmer believes new entrants can no longer rely on large advice licensees for recruitment, leaving the obligation to smaller practices.
Add new comment